With robust financial growth in the first half, San Miguel Food and Beverage Inc. (SMFB) is optimistic about charting a more significant growth trajectory for the remainder of the year.

In a stock exchange filing on Wednesday, SMFB said net income in the first six months of the year improved by 6 percent to P20 billion from P18.8 billion a year ago.

Consolidated sales during the period also grew by 4 percent to P192.9 billion, while income from operations rose 16 percent to P26.6 billion.

EBITDA, on the other hand, increased by 5 percent year-on-year to P33.9 billion.

“SMFB has had a strong start to the year, and we remain focused on leveraging our strengths to drive growth and efficiency,” SMFB chairman Ramon S. Ang said.

Food security champion

“We are also committed to supporting our nation’s food security and economic growth by expanding access to essential products. We are very optimistic about the opportunities ahead and confident in our ability to deliver continued value to all our stakeholders.”

Broken down, SMFB’s San Miguel Foods logged a 3 percent sales increase to P87.8 billion due to the double-digit revenue growth in Prepared and Packaged Foods along with better poultry sales.

Key products such as Tender Juicy Hotdogs, Purefoods Luncheon Meat, Magnolia Dairy, and San Mig Coffee also maintained strong sales.

Higher volumes, improved pricing and lower raw material costs contributed to a 41 percent increase in EBITDA to P10 billion while operating income doubled to P6.4 billion.

Meanwhile, the consolidated revenues of San Miguel Brewery Inc. inched up by 1 percent to P75.1 billion, driven by improved sales volume in the second quarter.

EBITDA reached P19.2 billion, and operating income P15.9 billion. The company expects stronger performance in the second half of 2024, supported by targeted sales initiatives and increased focus on specific channels.