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Richmond Mercurio - The Philippine Star
March 9, 2025 | 12:00am
SMFB saw its net income rise by seven percent to P40.9 billion in 2024 as the company remained resilient despite evolving market conditions.
Businessworld / File
MANILA, Philippines — San Miguel Food and Beverage Inc. (SMFB) capped off 2024 with a solid growth, fueled by the robust financial performance of its core businesses.
SMFB saw its net income rise by seven percent to P40.9 billion in 2024 as the company remained resilient despite evolving market conditions.
Consolidated sales grew by six percent year-on-year to P400.9 billion, driven by higher volumes and market expansion initiatives.
SMFB said that it leveraged strategic investments, operational efficiencies and sustained consumer demand to drive revenue and profitability during the year.
“Our performance in 2024 reflects the strength of our brands, operational excellence and disciplined execution of our growth strategies,” SMFB chairman Ramon Ang said.
“We continue to invest in innovation, expand our market reach and optimize efficiencies to drive sustainable, long-term value for all our stakeholders,” he said.
The food business registered a 33-percent surge in net income to P8.4 billion on the back of efficient operations and moderate cost increases.
Sales of San Miguel Foods rose by three percent to P185 billion, driven by strong demand for Purefoods Tender Juicy Hotdogs, Magnolia dairy and San Mig Coffee.
San Miguel Brewery Inc. posted a one-percent improvement in net income to P25.6 billion, with sales climbing by four percent year-on-year to P153.4 billion.
