SAN Miguel Food and Beverage Inc. (SMFB) has delivered solid financial results in the first six months of 2021 driven by stronger operating performance across all divisions and reflecting its ability to adapt to the challenges of the Covid-19 pandemic.
SMFB recorded consolidated revenues of P146.79 billion, up 20 percent from the same period last year.
Earnings before interest, taxes, depreciation and amortization was at P29.28 billion, up 66 percent from the same period in 2020, representing margins of over 20 percent.
Operating income, meanwhile, more than doubled to P23.04 billion, driven by improvements in volumes and selling prices across the divisions, as well as continued group-wide cost-containment efforts and operational efficiencies.
As a result, first half consolidated net income of P17.36 billion was up 137 percent, surpassing pre-pandemic profits in the first half of 2019. (PR)