SMFB earnings up 8% in H1

Iris Gonzales - The Philippine Star

MANILA, Philippines — San Miguel Food and Beverage Inc. (SMFB), reported a consolidated net income of P18.8 billion in the first half of the year, up eight percent from the same period in 2021.

SMFB president and CEO Ramon Ang said the company remains committed to delivering operational excellence and value to all its stakeholders, as well as good quality products for the everyday needs of consumers.

“Our financial position and long-term fundamentals remain strong, notwithstanding current macroeconomic headwinds,” he said.

In a regulatory filing, SMFB said the first half figures mark the highest level of revenue and profitability since its consolidation in 2018, despite the challenges of high inflation, rising fuel and raw material input prices, and currency depreciation.

Consolidated revenues grew 17 percent to P172.1 billion during the period as it saw higher volume, along with price adjustment across the product portfolios of its beer, spirits, and food divisions.

Consolidated EBITDA and consolidated income from operations managed to grow 11 percent and 15 percent to P32.4 billion and P26.6 billion, respectively.

SMFB’s beer business reported consolidated revenues of P65 billion, 20 percent higher than last year  on account of improved volumes and a price increase implemented in October last year.

The spirits business continued its momentum as revenues jumped 14 percent to P23.1 billion, driven by a nine percent increase in volumes and modest price increases.

The food business registered consolidated revenues of P84 billion during the first half, a 16 percent increase over the prior year, driven by strong volume growth in certain product categories and substantial price pass-ons to partly absorb increasing raw material costs.

The animal nutrition and health and flour segments continued to post strong revenue growth, with both volumes and prices posting double-digit increases, while the prepared and packaged food business remained resilient with moderate growth in both volume and price.

On the other hand, SMFB’s poultry segment faced supply challenges due to erratic weather conditions, constraining its ability to meet a surge in foodsl service demand as on-premise dining bounced back strongly.


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