San Miguel Food and Beverage, Inc. (SMFB) reported strong results for the first half of 2024, driven by continued business growth.
Consolidated sales for the period ending June 30, 2024 increased by 4% to ₱192.9 billion, while income from operations grew 16% to ₱26.6 billion. Net income rose 6% to ₱20 billion. EBITDA was up 5% to ₱33.9 billion.
“SMFB has had a strong start to the year, and we remain focused on leveraging our strengths to drive growth and efficiency,” said SMFB Chairman Ramon S. Ang.
He added: “We are also committed to supporting our nation’s food security and economic growth by expanding access to essential products. We are very optimistic about the opportunities ahead and confident in our ability to deliver continued value to all our stakeholders.”
Key business highlights
Food: San Miguel Foods saw a 3% sales increase to ₱87.8 billion, driven by the double-digit revenue growth in Prepared and Packaged Foods along with resilient Poultry sales. Key products such as Tender Juicy Hotdogs, Purefoods Luncheon Meat, Magnolia dairy, and San Mig Coffee also maintained strong sales. Higher volumes, improved pricing, and lower raw material costs contributed to a 41% increase in EBITDA to ₱10 billion, while operating income doubled to ₱6.4 billion.
Beer: Consolidated revenues of San Miguel Brewery Inc. rose by 1% to ₱75.1 billion, driven by improved sales volume in the second quarter. EBITDA reached ₱19.2 billion, and operating income ₱15.9 billion. The company expects stronger performance in the second half of 2024, supported by targeted sales initiatives and increased focus on specific channels.
Spirits: Ginebra San Miguel Inc. reported an 18% sales increase to ₱30 billion, driven by 10% volume growth, along with effective marketing campaigns, new products, and expanded distribution. Despite rising costs, operating income rose 31% to ₱4.4 billion, demonstrating strong brand performance and supply chain efficiency.