SMFB net income rises 17% to P22.9 B.
By James A. Loyola
San Miguel Food and Beverage, Inc., the food and beverage flagship of San Miguel Corp., reported that its consolidated income from operations and net income both grew by 17 percent to P34.0 billion and P22.9 billion, respectively, in the first nine months of the year.
Consolidated sales increased 15 percent to P206.6 billion with revenue growth accelerating across San Miguel Brewery Inc. (SMB), Ginebra San Miguel Inc. (GSMI) and its Food Group.
"Strong growth and results across all businesses reflect the successful execution of our strategies," FB President and Chief Executive Officer Ramon S. Ang said.
He added that, "with the strength of our brands, we are able to maintain good volume growth and margins. We remain focused on building our businesses for the long term and deliver high quality growth."
SMB posted revenue growth of 16 percent amounting to P93.4 billion driven by robust volume with domestic volume increasing by 11 percent year over year. Operating income for the period rose 21 percent to P25.9 billion.
GSMI likewise sustained its growth momentum, posting a 13percent volume growth to boost revenue growth by 17 percent to P17.9 billion while operating income amounted to P1.3 billion, 52 percent higher than the previous year.
The Food Group delivered consolidated revenues of P95.3 billion, 13 percent higher than last year, primarily on strong performance of its Animal Nutrition & Health, Protein, and Prepared & Packaged Food businesses. Operating income amounted to P6.8 billion.
"With the completion of our consolidation and the creation of a stronger consumer platform, we will further expand our product offerings, reinforce our presence and drive scale through synergies, while providing better value and profits to all our stakeholders," said Ang.
Ramon S. Ang
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|Title Annotation:||Business News|
|Date:||Nov 15, 2018|
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