MANILA, Philippines — Andrew Tan’s Emperador Inc., the world’s largest brandy company, reported a net income of P1.7 billion in the third quarter, reflecting an 18 percent growth year on year.
Revenues amounted to P9.5-billion from July to September.
This brought net income during the first nine months to P4.4 billion, down 11 percent from P4.9 billion a year ago. Revenues amounted to P27.6 billion.
Emperador owns Spanish brandy and sherry brands led by the iconic Fundador as well as Scotch whisky brands led by The Dalmore and Jura.
Company president Winston Co said Emperador continues to be on the look out for new products.
“We have committed considerable amount of resources to bring new exciting products to the Philippine and overseas markets. This is in line with ongoing efforts in pursuit of premiumization strategy in the Philippines as well as our strategy to grow Scotch whisky business worldwide and also potentially partake in the comeback of international brandy particularly in the luxury end of the spectrum,” Co said.
Emperador has an ongoing buyback of shares of up to P5 billion over a 24-month period that began in May this year on the back of management’s belief that company shares are undervalued and that this exercise will enhance shareholder value over time.
The company’s brands are available in 100 countries around the world.