San Miguel Food and Beverage, Inc. (SMFB) saw its earnings get closer to pre-pandemic levels in 2021, as its top line recorded double-digit growth, led by its food business.
SMFB reported a 40% jump in its consolidated net income to P31.4 billion in 2021, inching closer to its pre-COVID-19 levels in 2019 while consolidated operating income grew by 31% to bring operating margins up 100 basis points.
Consolidated revenues for the year climbed 11% to P309.8 billion, as the spirits segment posted a record year with revenues up 17% to P42.5 billion and income up 39% to P5.3 billion.
The beer business recorded a 10% growth in operating income to P26.9 billion, while revenues increased 8% to P116.3 billion.
The food segment more than doubled its consolidated operating income to P11.5 billion, and earnings before interest, taxes, depreciation, and amortization were up 39% to P17 billion.
Consolidated revenues of the food business climbed 12% to a record P151 billion, thanks to double-digit growth in the protein segment and continued growth in the prepared and packaged food segment.
“We remain optimistic about our ability to deliver growth moving forward. While we expect to contend with the increase in certain raw material costs due to macro events, we are confident that the strategic pivots we’ve made in the last couple of years will keep us on solid footing,” SMFB president and CEO Ramon Ang said in an emailed statement.
“We are fortunate that our financial strength enables us to continue pursuing expansion projects that will enable us to further capitalize on the country’s continued recovery,” he added.
SMFB’s business portfolio includes the brands Magnolia, Monterey, Purefoods, Star, Dari Creme, San Mig Coffee, La Pacita, B-Meg, and San Miguel Pale Pilsen and Ginebra San Miguel.
Its major subsidiaries include San Miguel Foods Inc., San Miguel Mills Inc., The Purefoods-Hormel Company Inc., Magnolia Inc., San Miguel Super Coffeemix Co. Inc., SMB, and GSMI.
SMFB shares closed at P64.05 apiece on Wednesday, down P1.90 or 2.88%. — VBL, GMA News
SMFB earnings jump 40% to inch closer to pre-pandemic levels
Source: News Panda Philippines
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