San Miguel Brewery, Inc. (SMB) delivered strong financial results in 2022 driven mainly by its greater focus on consumer needs through innovation, consumer engagement programs and increased marketing support in relevant channels backed by a favorable market environment.
Consolidated net income was up 6.4% to P21.8B with sales revenue growing 17.2% to P136.2 billion and operating income rising 9.7% to P29.5 billion, resulting in a 21.7% operating margin.
This was attributed to significant volume growth, favorable brand mix, and implementation of cost efficiency initiatives, boosting its domestic and overseas volumes and profit.
To further boost consumer demand, the company rolled out the San Mig Flavored Water in March, a refreshing unsweetened non-carbonated drink, and San Mig Hard Seltzer made from sparkling water with a 5% alcohol content that contains natural flavors with zero sugar and zero preservatives.
Last December, SMB launched its newest product, San Miguel Cerveza Blanca, a wheat beer positioned in the upscale market.
The Company also implemented packaging innovations with the release of the San Mig Light Limited Edition cans in July, the San Miguel Flavored Beer Hallyu Fun cans in September, and the San Miguel Pale Pilsen Play cans in October.
San Miguel’s international operations likewise posted robust growth propelled by higher volumes, better operational efficiencies and prudent cost management.
Leveraging on the broader portfolio of the company’s specialty bears, Indonesia
continued its volume growth and profit uptrend, while Thailand capitalized on the strength of SMB’s specialty beers and premium brands resulting in increasing sales.
Meanwhile, SMBIL’s Exports operations posted its third consecutive year of higher volume and profit, particularly in markets like UAE, Qatar, USA, Bahrain as well as in new markets in Asia and Africa.