San Miguel Food and Beverage, Inc. Reported a PHP 38.1 Billion Net Income in 2023, Up 10%

Despite the difficulties posed by an unstable socioeconomic environment, San Miguel Food and Beverage Inc. (SMFB) concluded 2023 with exceptional financial performance. All business divisions reported higher sales in comparison to 2022, and overall sales came to P379.8 billion, up 6% from the year before. Better price and volume initiatives were cited as the reasons for this. While net income increased 10% to P38.1 billion, the largest amount the group has seen since SMFB's consolidation in 2018, EBITDA increased 7% to P66.8 billion.​

“Our success in 2023 reflects our team's dedication and drive for excellence. We’re determined to build on our gains, and continue finding ways to excite and delight our markets, while delivering the same high quality, best value products that have been trusted and enjoyed by generations,” Ramon S. Ang, SMFB president and CEO said.

SMFB's Beer division recorded a P147.3 billion surge in consolidated revenues, up 8%, driven by increased demand in both domestic and foreign markets. Nonetheless, domestic sales volumes remain 25% lower than they were prior to the epidemic.

Effective marketing tactics and increased sales efforts contributed to an 8% increase in domestic sales, which reached P131.7 billion. Strong demand for San Miguel's international brands, such Red Horse, drove a 7% increase in international revenue. This growth was particularly evident in South China, Thailand, and through exports. EBITDA climbed by 16% and net income by 9%, respectively, to reach P25.3 billion.

Its Spirits division also reported higher growth, with revenues up 13% to P53.6 billion. This was driven by efforts to enhance brand equity through consistent advertising, consumer promotions, and expanding market reach. Both EBITDA and net income saw substantial increases of 41% and 55%, amounting to P9.4 billion and P7.0 billion, respectively.
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Its food business, meanwhile, recorded P178.8 billion in revenue, up 2% from the year before. This was accomplished by carefully adjusting prices for each group and boosting demand with vigorous marketing.

Despite capacity limitations and competition from imported frozen chicken, which affected prices and overall performance, the poultry segment faced difficulties. However, the Food division ended the year with P6.6 billion in net income and P18.3 billion in EBITDA, exceeding pre-pandemic figures even though they were slightly lower than the previous year.

San Miguel Food and Beverage, Inc. is listed on the Philippine Stock Exchange, Inc. under the ticker symbol FB. Parent company San Miguel Corporation approved and implemented the internal restructuring and consolidation of its food and beverage businesses under SMFB, previously known as San Miguel Pure Foods Company Inc.