Emperador Inc., the liquor firm of businessman Andrew Tan, said its attributable income grew by 53 percent to P5.1 billion in the first semester from last year’s P3.32 billion.
The company also said its revenues expanded by 18 percent to P25.3 billion from last year’s P21.05 billion.
“The gradual easing of quarantine restrictions in various parts of the world has buoyed our first half business performance. On-sites have started to return. We see the brandy business led by Fundador growing by double digit in the United Kingdom, United States, Spain, Mexico, Canada and Asia, including the Philippines. The whisky business continues to pace strongly led by North America, Europe and Asia, led by China,” Emperador President Winston Co said.
“We are extremely happy to report a record first-half net profit of P5.1 billion. Both brandy and whisky segments showed increased margins and robust profitability given the benefits from improving product mix and positive operating efficiency. We hope global economies continue to rebound and return to some form of normalcy.”
Emperador said earlier it will spend some P1.5 billion this year, some 50 percent higher than last year’s P1 billion, as it further expands its global footprint in various international markets.
“Last year at the height of the pandemic we held back our capital expenditures. We expect pandemic to ease with the global vaccination program happening. We expect people to travel again by 2022 and economic activities to return to some sort of normalcy. So we have decided this year to invest ahead so that our growth plan will be sustained,” Co said.
He said the company’s brandy and whisky brands are doing well in the US and in Europe, especially in its stronghold in the UK. In these areas, liquor is considered an essential product.
The company reported in May that its attributable income in the first quarter rose by 43 percent to P2.1 billion from the previous year’s P1.45 billion, on the back of its strong overseas sales.
Its revenues went up by 13 percent to P12.1 billion from last year’s P10.53 billion.