San Miguel Pure Foods reports 26% increase in net income to P6B
San Miguel Pure Foods Company Inc. today reported a 26-percent rise in its net income in 2016 to P6 billion on the back of favorable chicken prices and steady earnings from its value-added and stable-priced segments.
In a disclosure to the stock exchange, San Miguel Pure Foods said its operating income increased by 17 percent to P8.9 billion with consolidated revenues growing by four percent to P111.6 billion.
“We’re very encouraged by the company’s strong performance in 2016 and we are determined to build on this momentum by investing in our brands and innovation to drive long-term profitable growth and enhance shareholder value,” said San Miguel Corp. president & SMPFC Vice Chairman Ramon S. Ang.
The company said revenues from its agro-industrial business which consists of feeds, poultry, and Monterey Fresh Meats grew by five percent and its branded value-added business which consists of processed meats, cheese, and spreads grew by seven percent.
Its milling revenues, however, dropped by four percent despite a 10-percent growth in volume because of the fall in global flour prices and increased competition.
“For 2017, we’re working to further improve core operating margins by growing our Value-Added business, improving cost efficiencies, increasing distribution reach and aggressively expanding production capacities,” Ang said.