MANILA, Philippines — Food and beverage firms led by Ramon Ang and the Po family recorded strong first quarter results on the back of higher sales for the period.
San Miguel Food and Beverage Inc. (SMFB) reported a one percent improvement in net income to P10 billion during the quarter as revenues inched up by two percent year-on-year to P95.4 billion
SMFB saw a 13-percent jump in consolidated operating income to P13.1 billion, fueled by increased sales in its food and spirits divisions.
“Our solid performance in the first quarter demonstrates our strategic resilience and ability to adapt in a complex market landscape,” Ang said.
“We remain committed to leveraging our strengths to address challenges and continue delivering exceptional value to our stakeholders,” he said.
Meanwhile, Century Pacific Food Inc. (CNPF), the listed food and beverage company of the Po family, reported a net income of P1.7 billion in the first quarter, 15 percent higher year-on-year.
CNPF’s consolidated sales reached P18.2 billion, the bulk of which came from the branded business composed of the marine, meat, milk, and other emerging segments.
“We are grateful to be able to deliver volume-led, double-digit growth, considering an operating landscape marked by consumer headwinds and soft markets,” CNPF chief financial officer Chad Manapat said.
Manapat said the all-weather business model and diversified portfolio of the company played a significant role in delivering decent results for the period.
“On the branded side, our offerings come in different price tiers to serve varying consumer needs. We focused on providing our consumers with affordable sources of nutrition, keeping our brands relevant during this time,” he said.