San Miguel Brewery posts 15% growth in net profit for the first nine months

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San Miguel Brewery Inc. (SMB), the flagship beer business of San Miguel Corp. (SMC), reported a double-digit increase in net profit for the first nine months of the year, citing looser restrictions and the reopening of markets.

SMB said its net income rose 15% to 16.2 billion pesos, as revenue rose 21% due to higher domestic and international volumes during the period.

“Among our businesses, SMB has perhaps been the most affected by the pandemic due to restrictions not only across the country but also in its international markets,” said SMC Chairman and CEO Ramon Ang. , in an emailed statement.

“But thanks to its strong and iconic brands and the agility of our people to respond to rapidly changing market conditions, SMB remained resilient and maintained its strong momentum,” he added.

Metro Manila and 72 other locations will remain under Alert Level 1 – the loosest form of the restrictions related to the COVID-19 pandemic – until November 15.

“With our economy in full swing and our major markets reopened, we are even more optimistic and positive about our outlook for the full year as the holidays approach,” Ang said.

SMB’s portfolio includes the brands Red Horse Beer, San Mig Light, San Miguel Flavored Beer, San Mig Zero, Gold Eagle Beer, San Miguel Super Dry, San Miguel Premium All-Malt Beer, Cerveza Negra, Kirin Ichiban and San Miguel Pale Pilson.

The company has seven production sites across the country, with a distribution system serving some 471,000 retail outlets. — Integrated news DVM, GMA

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