San Miguel Corporation’s spirits business, Ginebra San Miguel Inc. (GSMI), maintained its growth momentum in the first quarter of the year, delivering higher revenues and net income amid difficult operating and economic conditions.
Revenues rose 3% to P12.9 billion while net income surged 81% to P2.5 billion.
Operating income, however, dropped by 9 percent to P1.6 billion due to lower volumes and higher input costs in the first two months of the year, reflecting the temporary impact of a price increase in February. This was, however, tempered by marketing initiatives that include the launch of its “Ngiting Instanalo” consumer promo in March.
“Despite the various challenges the industry has faced these past couple of years, GSMI has remained resilient and has consistently delivered excellent results. We’re off to a good start this year and we look forward to implementing programs that will excite our markets and drive our full-year performance,” said GSMI President and CEO Ramon S. Ang.
To further boost consumption for the summer months, GSMI has lined up activities such as the Ginumanfest concerts featuring the country’s top talents, bands, and GSMI brand ambassadors.
Another much-awaited annual event is the company’s month-long celebration of World Gin Day, which will run throughout June. These activities are part of GSMI’s countdown to its flagship brand’s 190 years celebration in 2024.
The Board of Directors of Ginebra San Miguel Inc., in a meeting held last May 9, 2023, also approved the declaration and payment of regular cash dividends of P0.75 and special cash dividends of P1.75 on common shares to all shareholders of record, as of May 24, 2023.
GSMI is the producer of Ginebra San Miguel, the world’s largest-selling gin, according to the leading global drinks journal Drinks International. GSMI’s other quality distilled spirits include GSM Blue Light Gin, GSM Blue Mojito, GSM Blue Margarita, GSM Blue Gin Pomelo, GSM Premium Gin, 1834 Premium Distilled Gin, Antonov Vodka, Añejo Gold Rum, G & T Ultralight Spirit Drink (Gin & Tea), Primera Light Brandy, and the Philippines’ no. 1 Chinese wine Vino Kulafu.