SMC declares 35¢ cash dividend

Food and beverage giant San Miguel Corp. (SMC) has declared a 35-centavo cash dividend per share to all its shareholders of record of April 15.

In a filing with securities regulators, SMC said the dividends are payable on May 9.

Last year, SMC posted a 10-percent growth in net income to P8.08 billion on revenues of P174.7 billion, an increase of 18 percent from the previous year. This increase was primarily driven by the robust growth of its beer sales division.

SMC’s Philippine beer business posted record results for the third straight year, driving 2004 revenues to P36.9 billion or an increase of 21 percent from the 2003 level as it capitalized on an expanded beer drinker base and a more far-reaching distribution system. It sold over 174 million cases of beer last year, the highest sales volume ever reported.

For its overseas operations, beer sales volume increased 13 percent, posting revenues of $263 million as SMC pushed for its local brands to expand its consumer base.

SMC’s Beer International reported an operating income of $7.7 million, more than five times the $1.5 million posted in 2003, the height of the SARS outbreak in Asia. – Zinnia dela Peña