Ginebra San Miguel earnings up in 2022 despite inflation
MANILA, Philippines — Sales of diversified beverage company Ginebra San Miguel Inc. fattened in 2022 despite the challenges posed by rising inflation fueled by a reopened domestic economy.
In a disclosure sent to the Philippine Stock Exchange on Monday, Ginebra posted a net income that grew 9% year-on-year to P4.5 billion in 2022.
Consolidated sales expanded 11% annually to P47.3 billion last year on the back of both sales volume growth and higher selling prices.
“GSMI is one the few companies that continued to grow despite the challenges of the past years,” said Ramon Ang, company president and chief executive.
Figures showed income from operations grew 13% year-on-year to P6 billion.
The San Miguel Corp. subsidiary noted the 7% annual growth of total volumes across various product lines lifted its bottom-line.
Ginebra did not disclose figures on the performance of its brands, but noted that higher volume growth in 2022 was observed in brands such as Vino Kulafu, GSM Blue Flavors, and Primera Light Brandy.
Earnings before interest, taxes, depreciation, and amortisation, leapfrogged 13% year-on-year to P6.7 billion in 2022.
Shares in Ginebra lost 3.33% to close at P145 apiece at the start of weekly trading. — Ramon Royandoyan
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