San Miguel Food and Beverage Inc. (SMFB) said profit last year reached P32.28 billion, up 6 percent from the prior year’s P30.45 billion.
Revenues reached P310.79 billion, up 9 percent from the prior year’s P285.12 billion.
The company said the growth was due to “higher volumes and average selling prices across key products.”
SMFB said its beer business continued to drive the company’s results as revenues grew 10 percent to P142.27 billion due to higher domestic beer volumes.
The food division posted a 5 percent increase in total revenues to P139.46 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,” it said.
“Strong consumer demand continued to lift the division’s prepared and packaged food segment,” it added.
The spirits and liquor business saw its topline hit P29.06 billion, up 17 percent, over a 14 percent volumes growth.
