ANG-LED food and beverage manufacturer San Miguel Food and Beverage, Inc. (SMFB) reported a 16% increase in its first-quarter (Q1) net income to P11.6 billion, driven by sustained consumer demand.
Consolidated revenue for the January-to-March period rose by 4% to P98.9 billion, SMFB said in a regulatory filing on Wednesday.
Gross profit increased by 11% to P28.6 billion, while income from operations grew by 16% to P15.2 billion.
“Our results this quarter reflect the strength of our diversified portfolio and our continued focus on execution. We are optimistic about the rest of the year. Our continued investments in key growth areas, from expanding production capacities to strengthening our distribution network, are designed to meet the evolving needs of the Filipino consumer,” SMFB Chairman Ramon S. Ang said.
“With our strong brands and disciplined execution, we are well-positioned to sustain our growth trajectory in 2025 and beyond,” he added.
San Miguel Foods, the company’s food segment, posted an 83% increase in net income to P3 billion as revenue rose by 8% to P46.3 billion, led by high-teens growth in poultry and steady performance across the Purefoods processed meats, Magnolia dairy and coffee, and flour categories.
The beer business, led by San Miguel Brewery, Inc., increased its net income to P6.6 billion, with sales reaching P36.3 billion. Domestic revenue stood at P32 billion, while international sales reached $74.9 million.
Meanwhile, the spirits segment, through Ginebra San Miguel, Inc., recorded an 11% rise in net income to P2.1 billion. Revenue grew by 8% to P16.3 billion, supported by sustained consumer demand and initiatives to reach a broader customer base.
On Wednesday, SMFB shares rose by 0.1% or five centavos to P51.35 apiece. — Revin Mikhael D. Ochave
