San Miguel Brewery posts P16.2B net income in Jan-Sept driven by higher volumes

MANILA - San Miguel Brewery Inc on Monday said its net income rose 15 percent to P16.2 billion from January to September on the back of higher volumes as restrictions ease and as travel returns.

Consolidated revenues reached P99 billion, up 21 percent compared to the same period last year due to higher volumes for both the domestic and international volumes, San Miguel Corp's beer business said in a statement.

“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,” said SMC President and Chief Executive Officer Ramon S. Ang.

“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,” he added.

Domestic revenues alone reached P88.4 billion for the period, higher by 19 percent, it said.

Meanwhile, international performance was buoyed by the consistent volume gains in its Thailand, Indonesia, and other export businesses despite the pandemic restrictions in Hong Kong, South China, and Vietnam, SMB said.

SMB is the maker of San Miguel Pale Pilsen, Red Horse Beer, and San Mig Light brands, among others.

• San Miguel Corp net income at P34.2 billion in Jan to Sept
• San Miguel Brewery income down 62 percent in first half due to pandemic
• San Miguel's net income jumps 120 percent to P48.2 billion in 2021

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