GINEBRA San Miguel Inc. (GSMI), the hard liquor division of San Miguel Corp., reported a solid first quarter performance in 2024 (January to March), coinciding with the company’s 190th anniversary.
The company achieved P15.1 billion in consolidated revenues, a 17 percent increase compared to the previous year, and P2.3 billion in operating income, a 40 percent rise.
Net income was at P1.9 billion, 25 percent lower compared to the previous year, due to a one-time income in March 2023. Excluding this one-time gain, net income would have been higher by 38 percent, according to GSMI.
The growth in first-quarter sales, up eight percent, was driven by successful marketing campaigns and consumer promotions, according to the company.
For the full year 2023, GSMI’s revenues reached P53.6 billion, a 13 percent increase, while operating income was P6.8 billion, a 14 percent rise.
Net income surged by 66 percent to P7 billion, bolstered by the sale of Don Papa Rum rights.
GSMI’s stock price rose significantly by 28 percent, from P168.7 per share at the end of December 2023 to P215.8 as of May 28, 2024.
In celebration of its 190th anniversary, GSMI has planned various activities, including World Gin Day festivities in June and Ginumanfest concerts.
GSMI, known for producing the world’s best-selling gin, Ginebra San Miguel, also offers other distilled spirits such as GSM Blue, Ginebra San Miguel Premium Gin, Antonov Vodka, Añejo Gold Rum, and Vino Kulafu, the Philippines’ leading Chinese wine. / PR