SMFB survives 2022 with record earnings

Metro Manila (CNN Philippines, March 8) — The food and beverage flagship of San Miguel Corporation chalked up ₱34.7 billion in net income last year despite "a very difficult environment" in 2022, its top official said.

The net income of San Miguel Food and Beverage, Inc. (SMFB) was 10% higher than the profit booked in 2021, and the highest since the company was consolidated four years ago.

"SMFB's results prove the resilience of our business model as we navigated a very difficult environment in 2022," said Ramon S. Ang, president and CEO of SMFB.

The company cited challenges such as heightened geopolitical tensions, inflationary pressures, and supply chain issues.

SMFB said consolidated revenues last year also jumped 16% to ₱358.9 billion, driven by robust performances of its beer, spirits, and food businesses.

In a statement on Friday, San Miguel Brewery Inc. (SMB), the group's beer business, said consolidated net income increased by 6.4% to ₱21.8 billion last year after it recorded higher volumes in the local and foreign markets. Sales revenue also grew by 17.2% to ₱136.2 billion.

The unit's operating income likewise climbed to ₱29.5 billion.

"This was attributed to significant volume growth, favorable brand mix, and implementation of cost efficiency initiatives, boosting its domestic and overseas volumes and profit," SMB said.

The spirits business also kept its momentum with 11% growth in sales reaching ₱47.3 billion.

Its food business, meanwhile, booked ₱175.3 billion in revenues, with almost all its segments posting double-digit revenue growth.

"Looking to 2023, we expect to continue to deliver operational excellence and invest in growth to drive long-term value for our shareholders. At the same time, we will continue to ensure that our products are within reach of every Filipino," Ang said.