MANILA, Philippines — Ginebra San Miguel Inc. (GSMI) is seen performing strong this year despite the challenging business environment, its president and CEO Ramon Ang said.
“We’re off to a good start this year and we look forward to implementing programs that will excite our markets and drive our full-year performance,” Ang said.
The industry faced various challenges in the past years but GSMI has remained resilient and has consistently delivered excellent results, Ang said.
GSMI, the liquor business of diversified conglomerate San Miguel Corp., maintained its growth in the first quarter, with its net income soaring 81 percent to P2.5 billion.
Revenues grew three percent to P12.9 billion, while operating income declined by nine percent to P1.6 billion due to lower volumes and higher input costs in the first two months of the year, reflecting the temporary impact of a price increase in February.
To temper the challenging business environment brought about by rising inflation, high input costs and supply chain problems, GSMI implemented marketing initiatives including consumer promotional activities last March.
To further boost consumption for the summer months, GSMI has lined up activities including concerts featuring the country’s top talents, bands, and GSMI brand ambassadors.
Another much-awaited annual event is the company’s month-long celebration of World Gin Day, which will run throughout June. These activities are part of GSMI’s countdown to its flagship brand’s 190 years celebration in 2024, GSMI said.
Amid strong results, GSMI approved the declaration and payment of regular cash dividends of P0.75 and special cash dividends of P1.75 on common shares to all shareholders of record, as of May 24, 2023.
GSMI is the producer of Ginebra San Miguel, the world’s largest-selling gin, according to the leading global drinks journal Drinks International.
Its other quality distilled spirits include GSM Blue Light Gin, GSM Blue Mojito, GSM Blue Margarita, GSM Blue Gin Pomelo, GSM Premium Gin, 1834 Premium Distilled Gin, Antonov Vodka, Añejo Gold Rum, G & T Ultralight Spirit Drink (Gin & Tea), Primera Light Brandy, and the Philippines’ No. 1 Chinese wine Vino Kulafu.