EMPERADOR, Inc. said it is increasing its capital expenditure (capex) budget this year to P3 billion from P1.74 billion in 2021 as it further expands to international markets.

“Most of the capex budget will be spent outside the Philippines, bulk of which will be on the whisky business. We operate in an ever-changing, dynamic and highly competitive industry,” Emperador President Winston S. Co said on Monday.

“Strategic investments are key to ensuring that as a global company, we can adapt to evolving consumer preferences and demands. Not only this, but we are also able to deepen and strengthen our premiumization and internationalization efforts,” he added.

In 2021, the company reported that normalized net income was up 35% to P10.8 billion and normalized earnings to owners increased 34% to P10.6 billion.

“Emperador stayed the course as we continued to pursue the vision to grow the company achieving another banner year this 2021. I attribute this to the resilience of our company whose financial position allowed us to weather logistical challenges brought by Covid-19,” Emperador Director Kevin Andrew L. Tan said.

“We witnessed record breaking growth as our whisky and brandy sectors expanded their reach and introduced innovations,” he added.

Revenues were up 6% to P55.9 billion, of which 67% came from the brandy segment and 33% from the whisky business.

“Resilience appropriately describes Emperador’s financial performance against a backdrop of a pandemic,” Kenneth V. Nerecina, investor relations director, said.

Mr. Nerecina said that strong whisky sales, tamer growth in the brandy sector, and improved product mix and less promotional expenses contributed to the company’s financial performance.

Emperador said it is pursuing a “global strategy of premiumization and internationalization,” which includes adapting to consumer preferences and working on stronger distribution and availability across the globe.

At the stock exchange, Emperador shares rose by 0.10% or two centavos to finish at P19.64 apiece on Monday. — Luisa Maria Jacinta C. Jocson