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.
