SAN Miguel Food and Beverage Inc. (SMFB) ended 2023 with outstanding financial results, despite the challenges of an unpredictable macroeconomic landscape.
Consolidated sales reached P379.8 billion, a six percent increase from 2022, with all business units reporting growth in sales.
This was attributed to improved volumes and pricing strategies.
Ebitda was up seven percent at P66.8 billion, while net income jumped 10 percent to P38.1 billion, the highest net income figure achieved by the group since SMFB’s consolidation in 2018.
Its beer division reported an eight percent increase in consolidated sales to P147.3 billion, fueled by higher demand in both local and international markets.
Domestic sales volumes, however, are still 25 percent below pre-pandemic levels.
Domestic sales rose eight percent to P131.7 billion.
International revenue also grew by seven percent, propelled by strong demand for San Miguel’s global brands, such as Red Horse, leading to significant growth in regions like South China and Thailand, and through exports.
Its Spirits division also reported higher growth, with revenues up 13 percent to P53.6 billion. Meanwhile, its Food division reported revenues of P178.8 billion, a two percent increase from 2022. / PR