SMPFC’s net income grows 16% to P6.9B
March 15, 2018
San Miguel Pure Foods Company Inc. (SMPFC) delivered strong full year results for 2017, reporting a consolidated net income of Php6.9 billion, 16% higher than last year, mainly driven by higher volumes from Poultry, Fresh Meats and Branded Value-Added businesses. Consolidated operating income grew 11% to Php9.9 billion, boosted by improved operational efficiencies. Consolidated revenues grew 5% to Php117 billion. Combined revenues from the Feeds, Poultry and Fresh Meats, grew 6% attributed to better sales mix and favourable prices of chicken and fresh meats. Meanwhile, the Milling business remained affected by the continued deceleration of global wheat prices. Revenues for the year declined by 3%, but the business remained profitable despite the margin squeeze. SMPFC’s Branded Value-Added business continued to grow the core, driven primarily by the strong performance of processed meats, the launch of new products, and intensified brand building activities. Revenues for this segment grew 6%. “Moving forward, as we strive to further strengthen our market leadership, we will continue to grow our product offerings. We’re very much encouraged by the positive response that our new products have received from consumers,” said SMC President Ramon S. Ang. “Apart from that, we will continue to execute on our capacity expansion program in order for us to meet our long-term growth targets and continuously provide for the growing and evolving needs of our customers,” Ang added.