Philippines’ San Miguel Foods net income up 21% YoY in 2022

Its revenue rose 16% YoY to around $3.2b.

San Miguel Foods reported a 21% year-on-year growth in 2022 to reach $168.4m (P9.2b) due to the record-breaking sales performance for the third straight year since the pandemic.

In a statement, San Miguel Corporation said San Miguel Foods, the food division of San Miguel Food and Beverage, also increased by 16% to $3.2b (P175.3b) due to the volume growth in most business segments. 

This was supported by intensified distribution, promotional activities the launch of new products and additional capacity from new facilities.

READ MORE: Philippines foodservice profit sector to grow by 17.5% through 2026

It also implemented price increases to partially offset rising costs.

“Throughout the year, our food division faced unprecedented cost pressures from higher commodity prices, rising inflation and a weaker peso,” said Ramon S. Ang, President and COO of San Miguel Corporation.

“Despite that, it remained resilient and even managed to grow operating income by 15% to $243.5m (P13.3b) as it optimized utilization of company-owned facilities and undertook cost management measures.”

$1 = P54.62