San Miguel Food and Beverage Posts a 10% Profit Surge in 2023

In a significant financial achievement, San Miguel Food and Beverage Inc. (SMFB) has announced a 10 percent increase in its net income for the year 2023, reaching a historic P38.1 billion. This remarkable growth in profits comes as a result of heightened sales in both beer and food products, showcasing a strong trend in consumer spending within the Philippines.

This latest earnings milestone represents the highest net income reported by the company since the integration of San Miguel Brewery and Ginebra San Miguel into its portfolio in 2018. Owned by prominent business magnate Ramon Ang, SMFB revealed that its consolidated sales saw a 6 percent increase, amounting to P379.8 billion in the past year. This surge in sales was attributed to improved volumes and effective pricing strategies across its divisions.

The beer segment, contributing significantly to the company’s top-line figures, experienced an 8 percent revenue increase to P147.3 billion. The spirits division also witnessed a robust growth, with revenues climbing by 13 percent to P53.6 billion. Meanwhile, the food division reported a modest 2 percent rise, reaching P178.8 billion in sales.

Ramon Ang, reflecting on the company’s performance, expressed a commitment to leveraging these achievements to further captivate the market. He emphasized the company’s continuous effort to provide high-quality, best-value products that have been cherished and trusted by consumers for generations.

SMFB’s notable financial performance in 2023 underlines its pivotal role in the Philippine food and beverage industry, underscoring robust consumer spending trends and the company’s strategic initiatives to enhance its market presence.