San Miguel Brewery Inc. is eyeing a sustainable recovery from a slow first quarter caused by the new coronavirus disease 2019 (COVID-19) global pandemic which shut down all economic activities and resulted in liquor bans in many areas nationwide.
This is aggravated by the increase in excise taxes at the start of the year which slowed the company’s momentum in the first quarter of the year.
Revenues for the period was at P28.4 billion with operating income at P5.4 billion, and profit at P3.8 billion.
San Miguel Brewery said it is already implementing programs to recover from the impact of the pandemic.
“These include adjustments in its operations to adapt to the new environment and shifts in consumption patterns, strengthening demand for beer products through increased product visibility and availability in the right channels, and implementing focused sales programs,” it said.
San Miguel Brewery reported strong full-year results for 2019, driven by higher consumption, favorable economic conditions, and the implementation of strategic campaigns and demand-generating programs.
The company reported consolidated sales revenues of P142.3 billion, 10.1 percent higher than the full-year 2018. Operating income grew 9.7 percent to P38.7 billion, which resulted in a 27.2 percent operating margin. Net income increased 14.5 percent to P27.3 billion.