San Miguel Corp.’s flagship beer company, San Miguel Brewery Inc. (SMB), said its January-September revenue grew 15 percent to P16.2 billion compared to P14.04 billion last year are.
SMB’s consolidated revenues reached P99 billion, a 21 percent increase from P82.08 billion last year due to higher domestic and international volumes.
Improved operational efficiencies resulted in a 22 percent improvement in operating income to P22.2 billion compared to P18.18 billion last year.
“Among our businesses, SMB has perhaps been the hardest hit by the pandemic as restrictions have been imposed not only nationwide 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 maintained its strong momentum,” said Ramon S. Ang, President and CEO of San Miguel.
“This not only reflects the fundamental strength of the beer business, but overall SMC’s diversified portfolio, which has enabled us to overcome challenges. With our economy back in full swing and our key markets reopened, we are even more optimistic and positive about our full year outlook as we head into the holidays.”
SMB posted robust domestic results with the further easing of restrictions from late March, paving the way for local stores to reopen.
This was supported by effective volume-generating efforts and marketing programs across traditional and modern commercial channels, conducted by brands San Miguel Pale Pilsen, Red Horse Beer and San Mig Light, among others.
As a result, total domestic revenue reached P88.4 billion, up 19 percent from 2021.
With cost savings initiatives and operational efficiencies, operating profit reached P20.3 billion, up 20 percent year-on-year.
SMB’s international business also continued its positive trend and reported higher volumes during the period.
This was attributed to steady volume gains in Thailand, Indonesia and exports, although markets in Hong Kong, southern China and Vietnam continued to be hampered by pandemic restrictions.