The company, which makes Magnolia chicken, Purefoods canned meats, San Miguel beer, and Ginebra gin, saw revenues rise 4 percent to P201.2 billion and operating income grow 13 percent to P30 billion.
Management’s view
“Our first-half performance shows the strength of our operations and our ability to execute on long-term strategic goals,” said SMFB chair Ramon S. Ang.
“We will continue to invest in capacity, improve efficiency, and expand our reach to deliver lasting value to our customers and stakeholders while making everyday food and beverages more accessible to Filipino families,” he added.
Revenue growth in food
Revenues from the food segment rose 7 percent to P94.4 billion, with net income up 53 percent to P6 billion on higher volumes and prices.
Earnings before interest, taxes, depreciation and amortization from food jumped 34 percent to P13.1 billion, driven by stronger margins and efficiency gains.
Resilient beverage sector
San Miguel Brewery posted a slight 1 percent dip in revenues to P74.6 billion as weaker domestic demand offset gains from South China and Vietnam. Despite this, beer net income edged up 3 percent to P13 billion on stable margins.
Ginebra San Miguel’s spirits business grew revenues by 7 percent to P32.2 billion, with net income up 16 percent to P4.2 billion. Group-wide EBITDA rose to P39.3 billion, with a 20 percent margin underscoring SMFB’s improved profitability.
—Edited by Miguel R. Camus
