SMB domestic earnings jump on strong beer sales
MANILA, Philippines — Strong beer sales buoyed San Miguel Brewery Inc. (SMB)’s earnings from its domestic operations in the nine months ending September.
SMB reported a net income of P23.4 billion from its Philippine operations in the first three quarters, a 37-percent jump year-on-year.
The company said the growth includes dividends of P7.4 billion from its international subsidiary.
Domestic revenues for the January to September period saw a 2.7 percent improvement to P98.8 billion as a result of better third quarter performance.
In the third quarter alone, SMB’s beer sales volume recovered from a slower first half as it increased by 3.9 percent or 1.9 million cases.
The growth was attributed by the company to targeted sales and marketing efforts, along with volume-boosting programs.
“San Miguel Brewery’s strong performance reflects our dedication to keeping consumers engaged with our iconic brands and making sure there’s a San Miguel beer for every occasion and preference,” SMB chairman Ramon Ang said.
“We will build on this momentum to drive continued growth, support San Miguel’s mission to help boost the economy and make a positive impact on the lives of more Filipinos,” Ang said.
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