San Miguel Corp.’s F&B businesses bring home the bacon
San Miguel Corp.’s food and beverage-related businesses brought home the bacon in 2015, offsetting the squeeze from its oil and power business brought on by the decline in oil prices.
San Miguel reported a consolidated net income of P38.2 billion in 2015, 26 percent higher than 2014 levels, beefed up by the performance of its food, beverage, and packaging units.
In a release, the company said San Miguel Brewery Inc. reported a net income of P13.5 billion last year, with consolidated revenues growing by four percent to P82.4 billion. Its domestic operations reported a three-percent growth in volume and nine percent growth in revenues.
Ginebra San Miguel Inc., meanwhile, reported a four-percent increase in volume to 23 million cases, with its flagship Ginebra San Miguel growing by five percent in terms of volume. Ginebra reported a seven-percent growth in revenues last year to P16.6 billion.
San Miguel Purefoods Company Inc. reported a four-percent growth in revenues to P107 billion. Its operating income jumped by 18 percent, fed by its branded foods and feeds businesses. Its net income increased by 24 percent to P4.8 billion, aided in part by lower interest expenses.
Its packaging business, San Miguel Yamamura Packaging Corp. reported a three percent expansion in revenues to P25 billion. With improved efficiencies and cost management, San Miguel Yamamura Packaging’s operating income grew by two percent to P2.3 billion. (Eileen A. Mencias)