San Miguel Food and Beverage posts P24.2-B net income in Jan-Sept


Posted at Nov 11 2021 11:46 AM | Updated as of Nov 11 2021 11:48 AM

MANILA— San Miguel Food and Beverage Inc on Thursday said its net income for the first 9 months of the year rose 68 percent to P24.2 billion. 

Consolidated revenues for the period were up 14 percent to P221.7 billion compared to the same period last year, SMFB said in a disclosure to the stock exchange.

"Our results highlight the strength and breadth of our food and beverage portfolio. While there are still impacts from the pandemic, we are hopeful that the worst is behind us and we are on the path to a new better normal," SMFB president and CEO Ramon Ang said. 

"With our balance sheet in strong position, we remain focused on further strengthening our momentum and continue to invest in areas that we believe will be critical to reaching our longer-term goal of delivering shareholder value while making sure that we do our part in supporting communities that need our help the most," he added. 

The company said its strong growth was due to its "solid strategic pivot" that allowed it to address challenges of the pandemic. 

Its parent San Miguel Corp has also been active in supporting various efforts to fight COVID-19.