Ramon Ang–Photo by Tyrone Piad
MANILA, Philippines — Billionaire Ramon Ang-led San Miguel Food and Beverage Inc. (SMFB) booked a 7-percent gain in its net income last year to P40.9 billion on growth across its core businesses.
SMFB said in a statement on Wednesday that its consolidated sales likewise inched up by 6 percent to P400.9 billion on higher volumes and “market expansion initiatives.”
Operating income rose by 15 percent to P55.8 billion.
“Our performance in 2024 reflects the strength of our brands, operational excellence and disciplined execution of our growth strategies,” said Ang, chair of SMFB.
Broken down per business unit, San Miguel Foods saw a modest 3-percent growth in sales to P185 billion, buoyed by high demand for Purefoods Tender Juicy Hotdogs, Magnolia dairy products and San Mig Coffee.
Sales of the beer business under San Miguel Brewery Inc. (SMB), its flagship business, reached P153.4 billion, up by 4 percent for the full year.
Meanwhile, Ginebra San Miguel Inc. ended the year with a 17-percent jump in sales to P62.5 billion due to a 9-percent volume growth.
“The spirits business benefited from strong demand and increased popularity among a wider range of consumers,” SMFB said.