Philippines’ SMFB posts 8% net income growth in H1
The company also saw its highest level of revenue and profitability since 2018.
Philippine company San Miguel Food and Beverage, Inc. (SMFB) reported its consolidated net income grew 8% year-on-year to P18.8b in the first half of the year.
Over the same period, its consolidated revenue climbed by 17% to P172.1b, largely due to gains in volume and pricing adjustment across its product portfolios.
“Our financial position and long-term fundamentals remain strong, notwithstanding current macroeconomic headwinds,” Ramon S. Ang, SMFB President and CEO, said.
“We remain committed to delivering operational excellence and value to all our stakeholders, as well as good quality products for the everyday needs of all our consumers.”
SMFB’s Beer Business, in particular, grew 20% higher than last year to P65b, driven by the improved volumes and increased price since October of last year.
A 14%YoY growth to P23.1b was also seen in its Spirits business; whilst its Food business grew by 16%YoY to P84b.