San Miguel Corp. said its beer business grew 15 percent in the first nine months of the year, posting a P16.2 billion profit compared to P14.09 billion last year.
The business registered higher volumes for the period, attributed to better mobility both locally and overseas, bringing its revenues to P99 billion, up 21 percent from last year’s P81.82 billion.
“Among our businesses, San Miguel Brewery has perhaps been the most affected by the pandemic because of restrictions not just throughout the country, but also in its international markets. But because of its strong, iconic brands and the agility of our people to respond to rapidly changing market conditions, SMB has remained resilient and has sustained its strong momentum,” said Ramon Ang, San Miguel president.
“With our economy back in full swing and our major markets reopened, we’re even more upbeat and positive about our full-year prospects, heading into the holidays,” he added.
San Miguel said the brewery business’ domestic revenues hit P88.4 billion, up 19 percent from last year’s P74.28 billion.
“(The) international operations likewise sustained its positive performance, registering higher volumes in the first nine months,” it said.
“This was attributed to consistent volume gains in its Thailand, Indonesia, and Export operations, even as the Hong Kong, South China, and Vietnam markets continued to be hobbled by pandemic restrictions,” the company added.
