San Miguel Food and Beverage Reported P30.4 Billion in Consolidated Net Income, Up 11%

​San Miguel Food and Beverage, Inc. (SMFB) delivered strong financial results for the first nine months of 2024 with significant growth registered across all business segments.

For the period ending September 30, 2024, consolidated sales reached P291.1 billion, a 5% increase year-on-year. This was driven by a 15% jump in operating income to P39.9 billion, resulting in an 11% growth in consolidated net income to P30.4 billion.

“Our performance this year highlights the strength of our diversified portfolio,” said SMFB Chairman Ramon S. Ang. “Through strategic investments in our brands, cost management, and by adapting to market trends, we are building resilience and setting the stage for long-term growth. Beyond profits, we view ourselves as partners in nation-building, ensuring that our products and initiatives contribute to economic progress and community support.”

SMFB’s consolidated net income margin remained steady at 10%, reflecting its commitment to growth, operational efficiency, and delivering value to shareholders.

Key Business Highlights

Sales of San Miguel Foods rose 4% to P134.3 billion, supported by increased volumes. The Prepared and Packaged Foods segment led the way with an 11% revenue increase, driven by strong demand for key products like Purefoods Luncheon Meat, Magnolia dairy and San Mig Coffee. EBITDA for this segment rose 39% to P15.5 billion, benefiting from top-line growth and lower raw material costs.

San Miguel Brewery Inc. (SMBI) reported consolidated revenues of P111.2 billion, a 3% growth, driven by higher volumes. Domestic sales reached P99.1 billion, with international sales totaling US$212.4 million. EBITDA for the Beer segment was P28.9 billion, with expectations for continued momentum through targeted initiatives.

Ginebra San Miguel Inc. achieved a 17% sales increase, reaching P45.6 billion, due to higher prices and volumes. Operating income significantly increased, with EBITDA at P7.1 billion. Strong brand performance and efficient distribution further strengthened the Spirits segment.

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.