San Miguel Pure Foods’ net income rises by 34% to P1.2B in Q1 2016
Ramon Ang’s San Miguel Pure Foods Company Inc. reported a 34-percent increase in consolidated net income to P1.2 billion in the first quarter of the year from a year ago with the steady growth in its branded value added business offsetting setbacks in its milling business.
In a disclosure to the stock exchange, San Miguel Pure Foods said its consolidated revenues grew by four percent to P26 billion, with revenues from its branded value added business growing by five percent.
San Miguel Pure Foods began with the manufacture and marketing of processed meat products and has diversified into poultry and livestock, feeds and flour milling, dairy and coffee.
With the continuing downtrend in the price of basic flour, San Miguel Pure Foods said it will focus its milling business on increasing sales of customized and specialty mixes.
The company said selling prices of basic flour reflect global wheat prices and added that it expects the price of basic flour to “remain soft throughout the year.”
The company declared a cash dividend of P1.50 per common share and P14.14225 for each preferred share last Friday which it will source from the retained earnings from 2015 which amounted to P15.5 billion.
The dividends are payable to shareholders on record as of May 23, 2016. Payment date is on June 3, 2015 for common shares and June 12, 2016 for series 2 preferred shares. (By: Eileen A. Mencias)