Ginebra San Miguel Q1 Earnings Up 11% to 2.1B, Sustains Strong 11-Year Growth

San Miguel Corporation's spirits business, Ginebra San Miguel Inc. (GSMI), started the year strong with a first quarter net income of P2.1 billion, 11% higher than the prior year, despite more challenging market conditions.

Consolidated revenues reached P16.3 billion, 8% higher than in the same period last year, while operating income also improved 8% to P2.5 billion. 

Year-to-date Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of P2.8 billion was up 11% over the prior year.  

GSMI’s strong start to the year comes at the heels of continued growth over the last 11 years.  

In 2024, GSMI surpassed 50 million cases sold for the first time and gained a larger share of the local liquor market. Sales revenues reached P62.5 billion, an increase of 17% from 2023. Income from operations also rose to P8.6 billion, up 26% from the previous year.  

For the full year, the company achieved a record net income of P7.3 billion, 3% higher than in the prior year. Without a one-time income from the sale of Don Papa's rights in 2023, net income would have increased by 23%.

The spirits firm also attributed its robust first quarter performance to the success of its "Ginstanalo sa One Ginebra Nation" national consumer promo, which helped sustain the popularity of flagship brand Ginebra San Miguel among its core drinkers, and maintain growth for Vino Kulafu.

Strong brand equity and effective market strategies have driven the company's success. 

Its "Lamang ang May Tapang" campaign, released in 2024, was received well by consumers and helped boost sales of Ginebra San Miguel by 8%. 

This year's marketing campaign, “Kabayani Kita Sa One Ginebra Nation,” aims to further strengthen the deep connection between consumers and the flagship brand.

"Our spirits business, Ginebra San Miguel Inc., has demonstrated remarkable strength over the years, even in the face of various challenges, including the global pandemic. The company's over a decade-long growth trajectory clearly shows the wide appeal of our brands and the company’s overall resilience and strength," said GSMI President and CEO Ramon S. Ang.  

GSMI is the producer of the world's largest-selling gin, Ginebra San Miguel. GSMI's other quality distilled spirits include GSM Blue Light Gin, GSM Blue Mojito, GSM Blue Margarita, GSM Blue Gin Pomelo, GSM Blue Lychee Martini, Ginebra San Miguel Premium Gin, 1834 Premium Distilled Gin, Archangel Reserve Premium Dry Gin, Antonov Vodka, Freedom Island Light Rum, Primera Light Brandy, and the Philippines' no. 1 Chinese wine Vino Kulafu.