San Miguel Food and Beverage Inc. delivered solid financial results in the first six months, driven by stronger operating performance across all divisions and reflecting its ability to adapt to the challenges of the COVID-19 pandemic.
SMFB recorded consolidated revenues of P146.79 billion, up 20 percent from the same period last year. EBITDA was at P29.28 billion, up 66 percent from the same period in 2020, representing margins of over 20 perccent.
Operating income more than doubled to P 23.04 billion, led by improvements in volumes and selling prices across the divisions and continued group-wide cost-containment efforts and operational efficiencies.
First half consolidated net income went up 137 percent to P17.36 billion, surpassing pre-pandemic profits in the first half of 2019.
“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 SMFB president and chief executive Ramon Ang.
The food group delivered a stellar business performance in the first half of the year. Consolidated revenues rose 11 percent to P72.24 billion, primarily driven by its protein and animal nutrition businesses, which posted double-digit volume growth.
The beer business registered a rebound as consolidated sales volumes improved 15 percent versus last year, with the easing of quarantine restrictions and lifting of liquor bans in its markets. This resulted in consolidated revenues of P54.33 billion in the first half of the year, up 27 percent from the same period in 2020.
The spirits business continued its strong performance in the first semester as volumes increased 21 percent year-on-year. It continued to introduce relevant marketing campaigns and promotions, expand distribution, and sustain supply chain efficiencies. It generated revenues of P20.23 billion, or 36 percent higher than the previous year.