San Miguel Consumer Unit Makes Record Profits

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The flagship consumer business of conglomerate San Miguel Corp. posted record first-half profits as its beer and hard liquor segments grew at a faster pace despite soaring fuel and raw material costs.

San Miguel Food and Beverage Inc. (SMFB) posted a six-month consolidated net profit of 18.8 billion pesos, up 8% from the same period last year.

Consolidated revenue rose 17% to 172.1 billion pesos, driven by volume gains and price adjustment in its beer, spirits and food divisions to mitigate the impact of cost increases inputs.

“Our financial position and long-term fundamentals remain strong, despite the current macroeconomic headwinds. We remain committed to delivering operational excellence and value to all of our stakeholders, as well as good quality products for the day-to-day needs of all of our consumers,” Ramon S. Ang, SMFB President and CEO, announced on Wednesday.

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