San Miguel beer unit posts 15% hike in 9-mo. income

San Miguel Corp.’s flagship beer business San Miguel Brewery Inc. (SMB) said its income in January to September rose 15 percent to P16.2 billion from last year’s P14.04 billion.

SMB’s consolidated revenues reached P99 billion, a 21 percent increase from last year’s P82.08 billion on the back of higher domestic and international volumes.

Improved operational efficiencies resulted in a 22-percent improvement in operating income to P22.2 billion, from last year’s P18.18 billion.

“Among our businesses, SMB has perhaps been the most affected by the pandemic because of restrictions not just throughout the country, but also in its international markets. But because of its strong, iconic brands and the agility of our people to respond to rapidly changing market conditions, SMB has remained resilient and has sustained its strong momentum,”  San Miguel President and CEO Ramon S. Ang said.

“This reflects the fundamental strength of not just the beer business but overall, SMC’s diversified portfolio, which has allowed us to weather challenges. With our economy back in full swing and our major markets reopened, we’re even more upbeat and positive about our full-year prospects, heading into the holidays.”

SMB posted robust domestic results with the further easing of restrictions beginning end of March, which paved the way for the re-opening of on-premise outlets.

This was supported by effective volume-generating efforts and marketing programs across traditional and modern trade channels executed by the San Miguel Pale Pilsen, Red Horse Beer and San Mig Light brands, among others.

As a result, total domestic revenues reached P88.4 billion, up 19 percent from 2021.

With cost saving-initiatives and operational efficiencies, operating income reached P20.3 billion, 20 percent higher than last year.

SMB’s international operations also sustained its positive performance, registering higher volumes during the period.

This was attributed to consistent volume gains in its Thailand, Indonesia and export operations, even as the Hong Kong, South China and Vietnam markets continued to be hobbled by pandemic restrictions.

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