MANILA, Philippines — Andrew Tan-led Emperador Inc. reported a net income of P5.3 billion, up three percent year-on-year.
This was despite cost pressures driven by rising cost of raw materials and the general steady increase in transport costs due to rising global oil prices.
Consolidated revenues went up 11 percent to P28 billion in the first six months.
Brandy sales grew 9.5 percent while international sales, mostly driven by the whisky segment, grew 13 percent.
Emperador president Winston Co said that despite the challenging environment, the company continues to deliver growth.
“After back-to-back banner performances in 2020 and 2021, our company continues to deliver growth despite supply chain challenges and increase in input costs,” Co said.
He said Emperador’s international business continued to perform well.
The growth was led by the single malt whisky portfolio, which continues to be among the fastest growing single malts in the world.
Growth continued to be strong in Asia, Europe, and North America, Co said.
Co said growth is expected to be sustained in the second semester.
“Overall, we are looking forward to stronger second half performance. Meanwhile, to further strengthen our international business, we are exploring a joint venture in China. Our focus on China is part of our internationalization strategy,” he said.
Emperador owns Fundador Spanish Brandy de Jerez and Whyte and Mackay, the world’s fifth largest Scotch whisky producer.
Among the company’s brands are Emperador Brandy, Emperador Light, The Dalmore Single Highland Malt Scotch Whisky, Whyte & Mackay Blended Scotch Whisky, Terry Centenario, Tres Cepas and Harveys.
Emperador brandy and whisky products are available in more than 100 countries.