GSMI profit more than doubles to P1.04 billion

MANILA, Philippines — Ginebra San Miguel Inc. (GSMI) more than doubled its first quarter net income to P1.04 billion.

Core brands Ginebra San Miguel and Vino Kulafu performed strong, boosting GSMI’s first quarter performance.

The spirits business of San Miguel Food and Beverage Inc. (SMFB) reported an operating income of P1.3 billion, 88 percent higher than the previous year.

“Our continuous efforts to invest in strengthening Ginebra San Miguel’s brand equity, and build a deeper connection with consumers, carried us through these uncertain times,” GSMI president Ramon Ang said during the company’s annual stockholders’ meeting.

For the full-year 2020, GSMI posted net income  of P2.76 billion, up 65 percent from the previous year and the company’s highest profit level to date.

In terms of consolidated revenues, the company raked in P36.2 billion, up 25 percent, despite the imposition of liquor bans that disrupted liquor selling.

Ang said aside from leveraging on the strength of the company’s brands, GSMI implemented a well-coordinated, quick return-to-trade strategy, upon the easing of ECQ and implementation of general community quarantine (GCQ).

“We also made our products more accessible to more consumers, with deliberate efforts to expand our distribution coverage in high-potential areas, even as restriction measures varied across the country,” Ang said.