San Miguel Brewery Inc. (SMB) reported first quarter revenues of P38.3 billion, 29.3% higher than the P29.7 billion it recorded in the same period last year, on the positive sales performance of both its domestic and international operations amid the continued easing of COVID-19 restrictions.
SMB posted consolidated operating income of ₱8.4 billion, up by 25.0% compared to last year, while consolidated net income ended at ₱6.8 billion, surpassing last year’s level by 38.2%.
SMB’s domestic beer volumes grew by 26.1% on the back of new brand campaigns and offtake-generating programs, complemented by relaxed restrictions.
Its international operations meanwhile posted a 28.5% increase in sales volume from its exports business and Hong Kong operations.
Volumes however are still 16.4% short of 2019 pre-pandemic levels.