San Miguel Food and Beverage Inc. (SMFB) grew its profit last year by 40 percent to P31.4 billion from P22.42 billion in 2020.
Revenues rose by 11 percent to P309.8 billion from P279.1 billion, propelled by “higher volumes, market share gains, and better pricing across SMFB’s businesses,” the company said.
Consolidated earnings before interest, tax, depreciation and amortization rose by 20 percent to P56.2 billion, while consolidated operating income jumped 31 percent, as a result of productivity improvements, distribution efficiencies and cost containment initiatives, it added. As a result, it reported that its operating margins widened 100 basis points for the year.
SMFB said its food business posted record consolidated revenues of P151 billion, up 12 percent, and 8 percent better than in 2019, with each segment delivering strong results and increased earnings.
“The protein segment posted double-digit growth driving the food business’ revenues, and bolstered by better pricing of its poultry products and efficient inventory management,” it said.
SMFB said its animal nutrition and health and flour segments also continued their strong momentum, while revenues from the beer business grew by 8 percent to P116.3 billion and revenues from the spirits business rose by 17 percent to P42.5 billion.
“We remain optimistic about our ability to deliver growth moving forward. While we expect to contend with the increase in certain raw material costs due to macro events, we are confident that the strategic pivots we’ve made in the last couple of years will keep us on solid footing. We are fortunate that our financial strength enables us to continue pursuing expansion projects that will enable us to further capitalize on the country’s continued recovery,” said Ramon Ang, SMFB president.
