San Miguel Food and Beverage Inc. said Wednesday net income reached P22.4 billion in 2020, down 30 percent from P32.2 billion it earned in 2019 on lower revenues.
SMFB said consolidated revenues dropped 10 percent in 2020 to P279.3 billion from P310 billion in 2019.
The company said second-half results rebounded with consolidated revenues climbing 27 percent to P156.5 billion from P122.8 billion in the first half, while consolidated operating income jumped 94 percent to P22 billion from P11.4 billion in the first semester.
“While 2020 was extremely challenging, our businesses were able to pivot and deliver significant volume growth for the balance of the year. These encouraging results demonstrate the company’s resilience in the face of the global crisis and positions it for a strong and stable recovery,” SMFB president and chief executive Ramon Ang said.
Full-year profits were driven by beer business under San Miguel Brewery Inc., which posted volume growth in the second half following the lifting of liquor bans in various areas of the country.