LISTED San Miguel Pure Foods Company Inc. (SMPFC) saw double-digit growth in its January to September profits on strong demand for its branded products.
SMPFC said its net income in the first nine months rose 29 percent from a year ago to P3.8 billion, while consolidated revenues reached P80.6 billion, up 5 percent year-on-year.
The company said that aside from sustained strong demand for its food products, improved efficiencies, lower raw material costs, and a wider distribution network also contributed to the notable growth.
However, it said revenues of its milling business declined 4 percent as a result of lower selling prices brought about by the prevailing downtrend in global wheat prices and intense competition.
Incorporated in 1956, SMPFC is engaged in manufacturing processed meat products, poultry and livestock, feeds and flour milling, and dairy and coffee products.
The company’s brands are Magnolia for chicken, Monterey for fresh meat products, Purefoods for refrigerated and canned processed meats, Star and Dari Creme for margarine, San Mig Coffee for coffee, B-Meg for animal feeds, and La Pacita for flour-based products and biscuits.