SMFB net income up 20% to P15.4B in first half

August 8, 2018

San Miguel Food and Beverage, Inc. (SMFB), the food and beverage flagship of conglomerate San Miguel Corporation, registered consolidated revenues of P137.4 billion for the first half of 2018, up 15% from the same period last year, as combined net income and operating income went up 20% to P15.4 billion and P22.9 billion, respectively. SMC completed the consolidation of its food and beverage businesses last June 29, 2018, thus, the performance numbers reflect the consolidated financials on a comparative basis with last year. San Miguel Brewery Inc. (SMB) continued its solid performance delivering strong volumes for the first half driven by increased consumption of beer products nationwide and boosted by implementation of new campaigns and consumer and trade programs that further strengthened the equity of SMB brands. SMB consolidated revenues reached P62.5 billion, 18% higher vs last year. Operating income rose 23% to P17.3 billion. Ginebra San Miguel Inc. (GSMI) also recorded a strong first semester performance as net income almost doubled from last year. Core brands Ginebra San Miguel and Vino Kulafu continued to drive growth momentum. Revenues and operating income rose 19% and 57% to P12 billion and P862 million respectively from previous year. Meanwhile, SMFB’s Food Group posted consolidated revenues of P62.9 billion, 12% higher mainly driven by the strong performance of Feeds, Poultry and Meats and the Branded Value-Added businesses. Operating income grew 6% to P4.7 billion.