San Miguel’s Ginebra ends Q1 2024 with solid profit

Ginebra San Miguel Inc. (GSMI) reported a net income of P1.9 billion during the first quarter of the year,, declining over 24 percent due to the absence of one-time miscellaneous earnings in the previous year. 

This offset overall growth in revenue and interest income, the company’s latest financial statement showed. 

Ginebra, the hard liquor arm of conglomerate San Miguel Corp., said consolidated revenues grew by 17 percent to P15.12 billion, driven by increased volumes and pricing adjustments across major brands. 

Despite the lower net income, the company saw a substantial 102 percent increase in interest income to P189 million, primarily due to higher yields from money market placements and related party advances.