MANILA - San Miguel Food and Beverage Inc said on Wednesday its net income rose 10 percent to record P34.7 billion in 2022 as it posted record earnings.
Consolidated revenues grew 16 percent to P358.9 billion due to higher volume growth across its beer, spirits and food divisions, SMFB said in a disclosure to the stock exchange.
It said it has optimized its pricing strategy across its portfolio to manage the impact of rising raw material costs.
“SMFB’s results prove the resilience of our business model as we navigated a very difficult environment in 2022," aid Ramon S. Ang, President and CEO of SMFB.
"Looking to 2023, we expect to continue to deliver operational excellence and invest in growth to drive long-term value for our shareholders. At the same time, we will continue to ensure that our products are within reach of every Filipino,” he added.