SMFB net income jumps in first half

The newly-consolidated food and beverage arm of diversified conglomerate San Miguel Corp. (SMC) saw its earnings jump by a fifth in the first six months of 2018, boosted by the double-digit growth across its portfolio.
In a statement issued Wednesday, San Miguel Food and Beverage, Inc. (SMFB) said it delivered a combined net income of P15.4 billion in the first semester, following a 15% increase in consolidated revenues to P137.4 billion.
The comparative figures were derived from the consolidated financials of San Miguel Brewery, Inc. (SMB), Ginebra San Miguel, Inc., and San Miguel Pure Foods Company, Inc., following the completion of the businesses’ consolidation last June 29.
The food group generated P62.9 billion in consolidated revenues, 12% higher in the same period a year ago due to the performance of the feeds, poultry and meats, and branded value-added units. Operating income accordingly went up by six percent to P4.7 billion.
SMB benefited from the higher consumption of beer products nationwide, expanding its consolidated revenues by 18% to P62.5 billion for the first semester. The unit delivered P17.3 billion in operating income, 23% higher year-on-year. — Arra B. Francia