SMC’s food unit nets P27.5B

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San Miguel Food and Beverage Inc. (SMFB), the food and beverage group of San Miguel Corp, recorded profits of P27.5 billion in the first nine months of the year, an increase of 4 percent  from P26.44 billion in the same period in 2022.

Revenues grew 6 percent to P276.7 billion from P261.04 billion.

“Despite the constantly evolving market conditions, we remain committed to delivering sustained growth and value to all our stakeholders. Our confidence is rooted in the strength of our product portfolio and operational capabilities. More importantly, SMFB’s commitment to contributing to the nation’s food security remains as strong as ever, reflecting our dedication to playing a key role in our country’s growth and development,” said Ramon Ang, SMFB chief executive officer.

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SMFB’s beer business reported a 9-percent growth in consolidated sales to P108.3 billion, spurred by higher demand in both domestic and overseas markets.

“Domestic sales climbed 9 percent to P96.3 billion due to effective marketing campaigns and expanded sales initiatives. Revenue from  international operations rose 9 percent, driven by robust demand from its exports, Hong Kong, and South China markets,” SMFB said.

 

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