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Monday, May 20, 2024

Liquor maker Emperador logged 10.5% profit decline to P8.64b in 2023

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Emperador Inc., the global whiskey and brandy firm of billionaire Andrew Tan, booked a net income of P8.64 billion in 2023, down 10.5 percent from P9.65 billion in 2022 on lower sales from brandy business.

Revenues increased 4.6 percent year-on-year to P65.64 billion from P62.76 billion amid the continued strong performance of whisky, the company said in a stock exchange filing Monday.

The group’s whisky segment posted a net income of P4.98 billion last year, up 20.8 percent from a year ago level of P4.13 billion as revenues improved 16.3 percent to P25.67 billion.

Its brandy business posted a 33.9-percent decline in net profit to P3.65 billion from the 2022 level of P5.52 billion on higher interest expense.

Brandy revenues also declined 1.8 percent to P39.97 billion from previous year’s P40.69 billion on softer consumer demand.

Emperador is a global spirits conglomerate that owns an iconic brandy portfolio led by Spanish brandy Fundador and Emperador Brandy, the world’s largest-selling brandy by volume.

It also owns Whyte and Mackay, the world’s fifth largest Scotch whisky producer.

Emperador products are available in over 100 countries worldwide.

The share price of Emperador closed at P18.16 Monday, down 0.11 percent from last week’s finish.

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