Ginebra San Miguel’s income leaps to ₱1.04 billion in the January-to-March period

Ginebra San Miguel Inc. announced on Thursday that its income in the January-to-March period has leaped to ₱1.04 billion from last year’s ₱474.35 million due to increased volume growth and higher selling prices.

Revenues grew to ₱11.33 billion from last year’s ₱7.45 billion partly due to the 28% increase in volume. A few of its other streams of income also rose due to the increased requirement on alcohol tolling and higher scrap sales.

The company added that the increase in net income was also due to the lowered income tax rate from 30% to 25% with the implementation of the Corporate Recovery and Tax Incentives for Enterprises Act.

“Our continuous efforts to invest in strengthening Ginebra San Miguel’s brand equity, and build a deeper connection with consumers, carried us through these uncertain times.

Complementing our strategy of leveraging on the strength of our brands was a well-coordinated, quick return-to-trade strategy, upon the easing of ECQ and implementation of general community quarantine.

We also made our products more accessible to more consumers with deliberate efforts to expand our distribution coverage in high-potential areas even as restriction measures varied across the country,” said company president Ramon S. Ang.

In the early months of the pandemic, Ginebra reconfigured its production plants nationwide to produce 70% ethyl alcohol and distribute it for free to help frontline workers in critical health facilities and local government units–in fact, a total of 1.3 million liters of San Miguel Ethyl Alcohol had been delivered to almost 3,700 entities nationwide by the end of 2020.

SOURCE: Business Mirror