MANILA - San Miguel Food and Beverage Inc (SMFB) posted a net income of P9.68 billion in the first quarter, up 66 percent from the same period last year, the company disclosed to the stock exchange on Wednesday.
San Miguel Corp's food unit said its consolidated sales reached P76.36 billion in the first 3 months of the year, up 11 percent compared to the same period in 2020.
“Our first quarter results reflect the resilience of SMFB throughout the crisis. The Group has proven its agility and ability to control costs, manage cash, and stay on track to deliver long-term profitable growth while ensuring our products are always available to our customers and vulnerable communities that need them the most,” said SMFB President and CEO Ramon Ang.
San Miguel Brewery posted consolidated revenues of P28.84 billion for the first quarter, up 2 percent. Ginebra San Miguel's consolidated revenues meanwhile surged 52 percent for the first three months of the year to P11.34 billion.
San Miguel Foods' first quarter consolidated revenues meanwhile hit P36.18 billion, up 9 percent.
Growth was driven by strong demand and more stable pricing across all business segments, the company said.
“As we continue to navigate the pandemic, we remain optimistic about the future and stay focused on driving investments in products and innovate on systems that will better address the needs of Filipinos. ,” said Ang.