SAN Miguel Brewery Inc. (SMB), the brewery subsidiary of San Miguel Corp. (SMC), said its net income in 2016 surged 31 percent on record domestic sales and improved distribution and marketing initiatives.
In a statement on Monday, SMB said its 2016 net income rose to P17.7 billion from P13.5 billion in 2015.
Consolidated revenues increased 18 percent to P97.2 billion, driven by its “highest-ever sales volume” of 202.6 million cases for domestic operations, which were 15 percent higher than in 2015.
Volume growth was attributed to intensified distribution, marketing campaigns, and sales initiatives, boosted further by election-related spending and growth in consumer confidence.
SMB said the San Miguel brand continues to lead the beer market in the Philippines, accounting for nine out of 10 beers sold in the country. Among its popular beer brands are San Miguel Pale Pilsen, San Miguel Premium All-Malt Beer, and San Miguel Super Dry
The company said its international operations also posted significant improvements in revenue and operating income driven by price adjustments, higher export volumes, and cost management programs.