Metro Manila (CNN Philippines, March 15) — San Miguel Foods (SMF), a unit of San Miguel Food and Beverage, Inc., realized a 21% increase in earnings last year, with its business segments booking double-digit revenue growth.
In a statement on Wednesday, SMF said its net income in 2022 reached ₱9.2 billion.
Consolidated revenues also went up by 16% to ₱175.3 billion compared to the ₱151 billion posted a year ago.
SMF attributed its strong revenues to the growth in volumes in most of its businesses, “boosted by intensified distribution, aggressive promotional activities, launch of new products and utilization of additional capacity from new facilities.”
Companies under SMF include San Miguel Foods, Inc; The Purefoods-Hormel Company, Inc.; Magnolia Inc.; San Miguel Super Coffeemix, Inc.; and San Miguel Mills, Inc.
The firm said it implemented price increases to “partly recover rising costs.”
“Throughout the year, our food division faced unprecedented cost pressures from higher commodity prices, rising inflation, and a weaker peso,” said Ramon S. Ang, President and COO of San Miguel Corporation.
“Despite that, it remained resilient and even managed to grow operating income by 15% to ₱13.3 billion as it optimized utilization of company-owned facilities and undertook cost management measures,” he added.
