San Miguel F&B Caps 2023 With Record Profit Of PHP38.1B

San Miguel Food and Beverage Inc. (SMFB) has reported that it ended 2023 with outstanding financial results, topped by record-high consolidated sales that reached PHP379.8 billion.

SMFB's Beer division reported an 8% increase in consolidated sales to P147.3 billion, fueled by higher demand in both local and international markets. I Photo: San Miguel Beer Facebook

The F&B giant disclosed to the Philippine Stock Exchange (PSE) that its consolidated sales represented a 6% increase from the previous year.

SMFB revealed that all of its business units reported growth in sales compared to 2022, which it attributed to improved volumes and pricing strategies. It also noted that EBITDA was up 7% at P66.8 billion

The company's net income, on the other hand, jumped 10% to P38.1 billion, highlighting that this was the highest net income figure achieved by the Group since SMFB's consolidation in 2018.

Ramon S. Ang, SMFB president, and CEO underscored, “Our success in 2023 reflects our team's dedication and drive for excellence. We’re determined to build on our gains and continue finding ways to excite and delight our markets while delivering the same high quality, best value products that have been trusted and enjoyed by generations.”

SMFB's Beer division reported an 8% increase in consolidated sales to P147.3 billion, fueled by higher demand in local and international markets despite domestic sales volumes still being 25% below pre-pandemic levels.

Domestic sales rose 8% to P131.7 billion, while international revenue also grew by 7%, propelled by strong demand for San Miguel's global brands, such as Red Horse, leading to significant growth in regions like South China, Thailand, and through Exports.

EBITDA and net income increased by 9% and 16%, respectively, with net income reaching P25.3 billion.

Its Spirits division also reported higher growth, with revenues up 13% to P53.6 billion. Both EBITDA and net income saw substantial increases of 41% and 55%, amounting to P9.4 billion and P7.0 billion, respectively.

Meanwhile, its Food division reported revenues of P178.8 billion, a 2% increase from the previous year.

Capping off another profitable year was its Food division finishing with a net income of P6.6 billion and EBITDA of P18.3 billion, exceeding pre-pandemic figures despite a slight decrease from the prior year.

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