San Miguel Food and Beverage Inc. (SMFB) posted profits of P22.4 billion in 2020, down 30.61 percent from P32.28 billion the prior year.
Revenues fell 10 percent to P279.3 billion from P310.33 billion. Earnings before interest, tax, depreciation and amortization (EBITDA) stood at P46.8 billion.
“While 2020 was extremely challenging, our businesses were able to pivot and deliver significant volume growth for the balance of the year. These encouraging results demonstrate the company’s resilience in the face of the global crisis and positions it for a strong and stable recovery,” said Ramon Ang, SMFB president.
Profits for the period were driven by San Miguel Brewery Inc. (SMB) which posted volume growth in the second half following the lifting of liquor bans in various areas of the country.
SMB closed 2020 with profits of P17.5 billion, out of revenues of P107.9 billion. EBITDA was at P29.6 billion.
Ginebra San Miguel Inc. (GSMI) posted profits of P2.8 billion, out of revenues of P36.2 billion. EBITDA was at P5 billion. GSMI delivered 38.6 million cases of its products last year, 8 percent higher than the prior year.
San Miguel Foods posted revenues of P135.2 billion, with EBITDA at P12.2 billion. SMFB failed to provide the bottomline of SMF.
“We believe that the worst of the pandemic is over and we look forward to 2021 with optimism. We will continue to adapt to the changing market conditions and leverage on lessons learned. Soon, we will reemerge stronger and more resilient on the path to long-term profitable growth,” said Ang.