SMFB net income up 7 Percent in 2024 to P40.9B, sustains strong growth momentum

San Miguel Food and Beverage, Inc. (SMFB) delivered another year of solid growth in 2024, with strong financial performance across its core businesses. Despite evolving market conditions, the company remained resilient, leveraging strategic investments, operational efficiencies, and sustained consumer demand to drive revenue and profitability.

SMFB’s consolidated sales rose 6% year-on-year to ₱400.9 billion, fueled by higher volumes and market expansion initiatives. Gross profit increased 10% to ₱110.9 billion, supported by cost efficiencies and a favorable product mix.

Income from operations grew 15% to ₱55.8 billion, while net income rose 7% to ₱40.9 billion, reflecting SMFB’s ability to sustain earnings growth. The company’s EBITDA stood at ₱73.1 billion, maintaining an 18% margin.

“Our performance in 2024 reflects the strength of our brands, operational excellence, and disciplined execution of our growth strategies,” said SMFB Chairman Ramon S. Ang. “We continue to invest in innovation, expand our market reach, and optimize efficiencies to drive sustainable, long-term value for all our stakeholders.”

Key Business Highlights

Food: Sales of San Miguel Foods rose 3% to ₱185 billion, with growth led by Prepared and Packaged Food, up 12%, driven by strong demand for Purefoods Tender Juicy Hotdogs, Magnolia dairy, and San Mig Coffee. The business reported a 37% increase in operating income to ₱13.3 billion and 33% growth in net income to ₱8.4 billion, supported by efficient operations and moderate cost increases. EBITDA for the Food business reached ₱21.3 billion, reflecting strong demand and cost management.

Beer: San Miguel Brewery Inc.’s sales grew 4% to ₱153.4 billion. Domestic sales totaled ₱137.6 billion, while international sales amounted to US$276.5 million. Operating income increased 6% to ₱33.4 billion, while net income was up 1% to ₱25.6 billion. EBITDA for the Beer business reached ₱41.8 billion, reflecting a stable profitability level and strong cost efficiencies.

Spirits: Meanwhile, Ginebra San Miguel Inc.’s sales surged 17% to ₱62.5 billion, driven by volume growth of 9%. The Spirits business benefited from strong demand and increased popularity among a wider range of consumers. Operating income increased 26% to ₱8.6 billion, while net income rose 3% to ₱7.3 billion. EBITDA stood at ₱9.5 billion.