Metro Manila (CNN Philippines, November 6) — San Miguel Corporation’s beer business San Miguel Brewery, Inc. reported a strong sales revenue of ₱99 billion in the first nine months of the year, which is 21% higher from the same period last year.
SMB said the rise in its revenues can be cited from the eased mobility restrictions and reopening of international markets.
“This reflects the fundamental strength of not just the beer business but overall, SMC’s diversified portfolio, which has allowed us to weather challenges. With our economy back in full swing and our major markets reopened, we’re even more upbeat and positive about our full-year prospects, heading into the holidays,” said SMC president and chief executive officer Ramon Ang in a statement.
SMB posted robust domestic results due to the further easing of restrictions since the end of March, which paved the way for the reopening of on-premise outlets.
This was supported by effective volume-generating efforts and marketing programs by the San Miguel Pale Pilsen, Red Horse Beer, and San Mig Light brands, among others.
As a result, total domestic revenues reached ₱88.4 billion, up 19% from 2021.
With cost-saving initiatives and operational efficiencies, operating income also reached ₱20.3 billion, 20% higher than last year.
SMB’s international operations likewise sustained its positive performance. This was attributed to consistent volume gains in neighboring countries like Thailand and Indonesia, and other export markets.
