THE brewing unit of Ang-led San Miguel Corp. (SMC) recorded a 20.2% increase in its nine-month consolidated net income to P19.4 billion due to higher domestic and overseas sales volumes.
In a statement on Tuesday, San Miguel Brewery, Inc. (SMB) said its consolidated revenues increased 9.4% to P108.3 billion from P99 billion a year ago, while its consolidated operating income climbed 8.5% to P24.1 billion.
“SMB posted strong results for the first nine months of the year, driven mainly by higher volumes from both domestic and international operations, and a more positive business environment,” the company said.
According to SMB, its domestic beer volumes expanded by 4.3%, led by “dynamic brand campaigns, targeted sales programs and a sustained economic recovery that saw more markets reopening amidst the backdrop of rising inflation and living costs.”
The company added that its international sales rose 8.9% due to the stronger performance of its export business, as well as growth in the Hong Kong and South China markets.
On Tuesday, shares of SMB’s parent firm, SMC, rose P1.60 or 1.56% to P104 apiece. — Revin Mikhael D. Ochave
