The maker of San Miguel beer and Tender Juicy hotdogs said net income also grew 6 percent to ₱20 billion, and earnings before interest, taxes, depreciation, and amortization (EBITDA) expanded 5 percent to ₱33.9 billion.
“SMFB has had a strong start to the year, and we remain focused on leveraging our strengths to drive growth and efficiency,” Ang, the chair of SMFB, said in a statement on Wednesday.
“We are also committed to supporting our nation’s food security and economic growth by expanding access to essential products. We are very optimistic about the opportunities ahead and confident in our ability to deliver continued value to all our stakeholders,” he added.
During the first semester, San Miguel Foods’ sales increased 3 percent to ₱87.8 billion, driven by hotdogs, canned meats, and dairy. EBITDA rose 41 percent to ₱10 billion, and operating income doubled to ₱6.4 billion.
San Miguel Brewery’s revenues grew 1 percent to ₱75.1 billion while EBITDA reached ₱19.2 billion, and operating income was ₱15.9 billion. Stronger performance is expected in the second half of 2024.
Finally, Ginebra San Miguel’s sales increased 18 percent to ₱30 billion, driven by 10 percent volume growth and effective marketing. Operating income rose 31 percent to ₱4.4 billion.
