San Miguel Food and Beverage Inc. (SMFB) said it closed 2024 with a profit of P40.9 billion, up 7 percent from the prior year’s P38.22 billion.
Sales reached P400.9 billion, higher by 6 percent from P378.21 billion, fueled by higher volumes and market expansion initiatives, the food and beverage arm of the San Miguel Group of Companies said in a statement.
Gross profit increased 10 percent to P110.9 billion, while operating income increased by 15 percent P55.8 billion.
“Our performance in 2024 reflects the strength of our brands, operational excellence, and disciplined execution of our growth strategies. We continue to invest in innovation, expand our market reach, and optimize efficiencies to drive sus-tainable, long-term value for all our stakeholders,” said Ramon Ang, SMFB chairman.
SMFB said sales of of its food group under San Miguel Foods, maker of Purefoods Tender Juicy Hotdogs, Magnolia dairy, and San Mig Coffee, hit P185 billion, up 3 percent.
San Miguel Brewery Inc., the group’s beer business, posted a 4 percent increase in sales amounting to P153.4 billion.
The spirits business under Ginebra San Miguel Inc. meanwhile posted a 17 percent increase in sales to P62.5 billion, driv-en by a 9 percent volume growth.
