Metro Manila (CNN Philippines, April 29) — San Miguel Brewery Inc. (SMB) posted strong first quarter results as revenues reached ₱38.3 billion, which was 29.3% higher than the ₱29.7 billion recorded in the same period last year.
The beer producer, a subsidiary of San Miguel Corp., said the Q1 profits showed “positive sales performance of both its domestic and international operations amid the continued easing of COVID-19 restrictions.”
SMB said it earned a consolidated operating income of ₱8.4 billion, posting a 25% increase from 2022.
“[W]hile consolidated net income ended at ₱6.8 billion, surpassing last year’s level by 38.2%,” it added.
The company said its domestic beer volumes grew by 26.1% while international operations logged a 28.5% increase in sales volumes attributed to its exports and Hong Kong operations.
“Volumes, however, are still 16.4% short of 2019 pre-pandemic levels,” it noted.
