Imported brandy drives 13.7% income growth for Keepers – BusinessWorld Online
LUCIO L. CO-LED liquor distributor The Keepers Holdings, Inc. reported a 13.7% increase in its net income for the first half to P1.62 billion from P1.43 billion a year ago, driven by higher sales of imported brandy.
Consolidated revenue rose by 17% to P9.04 billion from P7.72 billion in the same period last year, Keepers said in a regulatory filing on Tuesday.
Keepers said the higher revenue was driven by a 22% growth in the volume of cases sold, led by the Alfonso imported brandy.
Operating expenses increased by 22% to P692.5 million from P567.45 million a year earlier.
In July, Keepers announced its entry into the premium local spirits market through the acquisition of a 50% stake in Cervia Global Trading, Inc. for P40 million. The acquisition also positions the company for growth in international markets.
Cervia Global is the company behind Sula, which manufactures flavored liqueur in coconut, dark chocolate, and coffee flavors using locally grown ingredients.
The company’s board had also previously approved the incorporation of a subsidiary to establish a chain of retail outlets for alcoholic beverages and related products.
Keepers has brought various international brands of spirits, wines, and specialty beverages into the Philippines. These brands include Johnnie Walker, Chivas Regal, Glenfiddich, Suntory, Jinro, Jose Cuervo, Jim Beam, Penfolds, Red Bull, and many others.
Keepers shares rose by 3.19%, or eight centavos, to P2.59 per share on Tuesday. — Revin Mikhael D. Ochave