MANILA— San Miguel Food and Beverage Inc said Thursday it posted stronger growth in the first 6 months of the year as it adapts to pandemic-induced challenges.
The company's consolidated net income is at P17.36 billion, "surpassing pre-pandemic profits in the first half of 2019," SMFB said in a disclosure to the stock exchange.
Consolidated revenues reached P146.79 billion, up 20 percent from the same period last year, it said.
“Our performance in the first half reflects the agility and adaptability of our food and beverage businesses, in the face of unprecedented challenges brought about by COVID-19,” SMFB president and CEO Ramon Ang said.
“As the situation continues to evolve, the flexibility and resilience we developed this past year will enable us to move forward and pivot quickly as needed,” he added.
Its food group delivered “stellar business performance” for the period, the beer businesses posted a “rebound” while the spirits business continued its strong performance, it said.
To widen the reach of SMFB products, it recently launched its online shopping platform The SMC Hub.
The San Miguel group has been active in its efforts to boost the government’s fight against the COVID-19 pandemic.