San Miguel Food and Beverage reports 6% revenue growth in 2024 

PHILIPPINES – San Miguel Food and Beverage Inc. (SMFB) has reported a 6% increase in revenue to P400.9 billion (US$6.98B) for the financial year 2024, driven by higher sales volumes and market expansion initiatives.  

The company’s gross profit rose 10% to P110.9 billion (US$1.93B), supported by cost efficiencies and a favorable product mix. 

SMFB’s operating income climbed 15% to P55.8 billion, while net income grew 7% to P40.9 billion (US$712.15M), highlighting the company’s earnings strength.  

Chairman Ramon S. Ang attributed the strong performance to the resilience of SMFB’s brands, operational excellence, and disciplined execution of growth strategies. 

Food sales reached P185 billion (US$3.22M), marking a 3% increase, with the prepared and packaged food segment surging 12% due to strong demand for flagship brands like Purefoods, Magnolia, and San Mig Coffee.  

The segment also posted a 37% rise in operating income, reflecting improved margins and cost management. 

The beer segment generated P153.4 billion (US$2.67B) in revenue, up 4%, with domestic sales contributing P137.6 billion and international sales adding US$276.5 million. Despite stable costs, operating income increased 6%, while net income remained steady. 

The spirits business experienced the highest growth, rising 17% to P62.5 billion (US$1.09B), driven by a 9% increase in sales volume and growing brand appeal.  

Operating income surged 26%, while net income rose 3%, reinforcing Ginebra San Miguel’s strong market position. 

SMFB’s earnings before interest, taxes, depreciation, and amortization stood at P73.1 billion (US$1.27B), maintaining an 18% margin, underscoring the company’s efficiency in managing costs and maximizing returns. 

GSMI appoints Ang as Director 

Meanwhile, Ginebra San Miguel Inc. (GSMI) has appointed John Paul L. Ang as director, following the resignation of Francisco S. Alejo III, effective January 31. 

John Paul Ang, the eldest son of San Miguel Corp. (SMC) tycoon Ramon S. Ang, currently serves as president, chief operating officer, and director of SMC.  

His appointment is expected to strengthen GSMI’s leadership as it continues to expand in the spirits market. 

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