Ginebra San Miguel, Inc. Reports Strong Q12024 on Flagship Brand’s 190 Years

Ginebra San Miguel Inc. (GSMI), a majority-owned subsidiary of San Miguel Corporation (SMC), reported a strong first quarter performance, maintaining the company's ten-year trend of consistent growth and improving its market position.

GSMI, which is celebrating its 190th anniversary, began the first three months of 2024 with P15.1 billion in consolidated revenues, a 17% rise over the same time the previous year, and P2.3 billion in operating profits, 40% higher than last year. Net income was P1.9 billion, 25% less than the previous year, owing to a one-time income in March 2023. Without this one-time gain, net income would have increased by 38%.
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The "Lamang ang May Tapang" campaign and current "Lamang ang Panalo" consumer promotion led to an 8% increase in sales volumes in the first quarter.
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GSMI revenues totaled P53.6 billion in 2023, 13% higher than the previous year, owing to robust sales volumes and better selling prices.

Operating income increased by 14 percent to P6.8 billion in 2022. Net income increased by 66% to P7 billion, marking the company's biggest ever. The one-time gain from the sale of Don Papa Rum rights enhanced the company's performance even more significantly.
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The GSMI stock price increased by 28%, from P168.7 per share at the end of December 2023 to P215.8 as of May 28, 2024.

GSMI has planned festivities to commemorate the flagship brand's 190th anniversary, including a month-long celebration of World Gin Day in June and Ginumanfest performances starring prominent musical performers and GSMI brand ambassadors.

GSMI is the producer of Ginebra San Miguel, the world's largest-selling gin, according to the leading global drinks journal, Drinks International. GSMl's other quality distilled spirits include GSM Blue, Ginebra San Miguel Premium Gin, 1834 Premium Distilled Gin, Antonov Vodka, Anejo Gold Rum, G&T Ultralight Spirit Drink (Gin & Tea}, Primera Light Brandy, and the Philippines' no. 1 Chinese Wine Vino Kulafu.