MANILA -- San Miguel Food and Beverage, Inc. (SMFB) has delivered consolidated revenues of PHP310.79 billion in 2019, up 9 percent over the prior year due to higher volumes and average selling prices across key products.
Consolidated net income for the full-year rose 6 percent to PHP32.28 billion while consolidated operating income increased by 4 percent to PHP47.78 billion.
“We continue to remain confident in the strength of the Philippine consumer and resilience of the economy. We believe we have the ability to overcome the challenges we now face as we continue to expand the breadth of our product offerings and reinforce our presence in markets. We remain focused on delivering the best products, and providing improved results to all our stakeholders,” said Ramon Ang, SMFB President and Chief Executive Officer, in a statement Wednesday.
Its beer business continued to drive the company’s results as revenues grew 10 percent to PHP142.27 billion due to higher domestic beer volumes.
Its food division registered a 5-percent increase in total revenues to PHP139.46 billion, as the poultry industry continued its recovery towards the second half of 2019.
As a result, operating income for the division jumped 41 percent in the fourth quarter of the year versus year-ago level.
Strong consumer demand continued to lift the division’s prepared and packaged food segment, driven by strong performance of its core products such as Tender Juicy Hotdogs, Purefoods Chicken Nuggets, Purefoods Corned Beef, Magnolia Gold Butter and Star Margarine.
Product mix likewise improved as it shifted portfolio to higher-margin products.
In response to African swine fever (ASF), the company converted some of its pork-based products to chicken-based formulations.
Meanwhile, the spirits and liquor business ended the year strong, with revenues up 17 percent to PHP29.06 billion. (PR)
