The company leveraged strong brand demand, operational efficiencies, and strategic investments to sustain its momentum.
Earnings grew
SMFB’s sales rose 6 percent to P400.9 billion, driven by higher volumes and market expansion efforts.
Gross profit climbed 10 percent to P110.9 billion, supported by cost efficiencies and a favorable product mix. The company also saw a 15-percent increase in operating income to P55.8 billion, while net income grew 7 percent to P40.9 billion, reinforcing its earnings strength.
Management’s view
“Our performance in 2024 reflects the strength of our brands, operational excellence, and disciplined execution of our growth strategies,” said SMFB chair Ramon S. Ang.
“We continue to invest in innovation, expand our market reach, and optimize efficiencies to drive sustainable, long-term value for all our stakeholders," he added.
Key business drivers
Food sales reached P185 billion, up 3 percent, with its prepared and packaged food segment surging 12 percent due to strong demand for flagship brands like Purefoods, Magnolia, and San Mig Coffee.
The business also delivered a 37-percent rise in operating income, reflecting improved margins and cost management.
Beer sales totaled P153.4 billion, growing 4 percent, with domestic sales at P137.6 billion and international sales contributing $276.5 million. Despite stable costs, operating income increased 6 percent, while net income remained steady.
Spirits posted the strongest growth, jumping 17 percent to P62.5 billion, fueled by a 9-percent rise in volumes and increasing brand appeal.
Operating income surged 26 percent, while net income climbed 3 percent, reinforcing Ginebra San Miguel’s position in the expanding market.
Strong cash flow, outlook
SMFB’s earnings before interest, taxes, depreciation and amortization stood at P73.1 billion, maintaining an 18-percent margin, reflecting its efficiency in managing costs and maximizing returns.
