SMFB posts net income of P17.5B 2020

·1 min read

SAN Miguel Food and Beverage Inc. ended the year 2020 with consolidated revenues of P107.9 billion on the back of consumption-generating programs, direct-to-consumer initiatives and cost containment efforts.

Earnings before interest, taxes, depreciation and amortization (Ebitda) and net income were P29.6 billion and P17.5 billion, respectively.

The easing of quarantine restrictions towards the second half of 2020 enabled the firm to deliver significant volume.

SMB’s international operations also benefitted from easing of restrictions in the second half of 2020.

Its Hong Kong, South China, Vietnam, and Export markets delivered profits significantly better than 2019.

Its beverage business Ginebra San Miguel Inc. net income hit P2.8 billion, up 65 percent from the prior year and the highest level ever registered by the firm.

Meanwhile, San Miguel Foods responded nimbly to the spike in home consumption and the shift to home-based lifestyles throughout the lockdown, with consolidated revenues of P135.2 billion, only slightly lower than the previous year.

Ebitda was eight percent higher year-on-year at P12.2 billion. 4