SMB revenues up 12% to P70.3 B in H1

SMB revenues up 12% to P70.3 B in H1
San Miguel Brewery attributes its strong revenue performance in the first half of 2019 partly to initiatives to expand its footprint locally and abroad as is evident in this LRT Station in Manila. (Photo by NCB/THEPHILBIZNEWS.COM)

By THEPHILBIZNEWS STAFF

San Miguel Brewery Inc. (SMB), the brewing subsidiary of San Miguel Corporation (SMC), delivered strong revenue growth of 12.4 percent to P70.3 billion for the first half (H1) of 2019.

In a statement sent to THEPHILBIZNEWS, SMC said its brewery’s strong performance in H1 was driven by higher volumes along with campaigns that engaged with consumers and initiatives to expand its footprint in the Philippines and abroad.

Earlier, SMC announced it is investing some $650 million (about P33.66 billion) to further grow its local and international breweries and bottling plants.

Operating income for the period reached P18.9 billion while net income after tax amounted to P13.3 billion, also a 12.4-percent increase from year-ago level.

SMB’s international operations, meanwhile, similarly posted improvements in revenue and operating income due higher export efficiencies, prudent fixed cost management and favorable selling prices in Vietnam, Thailand, and Indonesia.

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