San Miguel Food and Beverage posts stronger growth in the first half of the year as it adapts to pandemic-related challenges

San Miguel Food and Beverage Inc. (SMFB) announced on Thursday that it has posted stronger growth in the first 6 months of the year as it adapts to pandemic-related challenges. 

The company’s consolidated net income is currently at ₱17.36 billion, and has “surpassed the pre-pandemic profits in the first half of 2019,” said SMFB.

Consolidated revenues reached ₱146.79 billion, up 20% from the same period last year, it added. 

“Our performance in the first half reflects the agility and adaptability of our food and beverage businesses, in the face of unprecedented challenges brought about by COVID-19. As the situation continues to evolve, the flexibility and resilience we developed this past year will enable us to move forward and pivot quickly as needed,” said Ramon Ang, SMFB president and CEO.

Its food arm delivered a “stellar business performance” for the period, the beer arm posted a “rebound,” while the spirits business continued its strong performance, he added.

It also recently launched its online shopping platform “the SMC HUB” to widen the reach of SMFB products.

SOURCE: ABS CBN