Philippines’ SMFB sustains growth momentum in Q1

The food and beverage company reported an 8% rise in consolidated net income. 

Philippine-based San Miguel Food and Beverage, Inc. (SMFB) reported its consolidated net income grew by 8% to P9.9b in the first quarter of the year. 

Over the same period, consolidated revenue increased by 12% to P93.2b, largely due to strong volume growth from its key businesses. 

“Despite the challenging environment, our brands remain top-of-mind of consumers and we intend to sustain this momentum by investing further in brand-building efforts and innovation to further drive growth,” Ramon S. Ang, President and CEO of SMFB, said.

“We are also focused on optimizing our resources and processes for better efficiency to sustainably manage our current businesses for long-term profitability.”

Read more: Philippines’ SMFB sustains ‘strong’ growth in first nine months

SMFB’s Beer business registered consolidated sales reaching P38.3b, up by 29%; whilst its Spirits business generated a total of P12.9b in revenues, which is 3% higher year-on-year. 

Moreover, SMFB’s Food business grew by 3% to P41.9b, which the company linked to its strategic pricing across all its segments.