The Philippines: San Miguel Food and Beverage expects to sustain its growth momentum in the second half of the year

San Miguel Food and Beverage Inc. (SMFB), the listed food and beverage company of conglomerate San Miguel Corp., expects to sustain its growth momentum in the second half of the year especially for the food group, the Philippine Star reported on June 8.

SMFB chief operating officer (Food Group) Francisco Alejo said things are looking up as prices of raw materials have started to decline.

�For the balance of the year, we expect prices of raw materials to start going down and we�re seeing this. In fact in June alone, several of our raw materials are already cheaper than in previous months. We expect these better prices to continue for the balance of the year,� said Alejo during the company�s annual stockholders meeting on June 7.

He said SMFB�s newly built plants for animal feeds, poultry processing plants and processed meats have been delivering efficiencies that have resulted in better yields and margins.

This is on top of cost saving initiatives that the food group is implementing as well as the increase in consumer spending.

In the first quarter of the year, SMFB reported a net income of P9.9 billion, up eight percent despite inflationary pressures, excise tax increases and continuing geopolitical uncertainties.

The company raked in P93.2 billion in consolidated revenues, 12 percent higher than the previous year on strong volume growth from its key businesses.

The different brands of SMFB remain top-of-mind for consumers despite the difficult environment, Ang said.

�We intend to sustain this momentum by investing further in brand-building efforts and innovation to further drive growth,� Ang said.

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