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Ginebra San Miguel net income up 9% to P4.5B

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GINEBRA San Miguel, Inc. (GSMI) has posted a 9% growth in net income to P4.5 billion in 2022 due to a higher volume of sales, the alcoholic beverage manufacturer told the stock exchange on Monday.

In a disclosure, the listed subsidiary of conglomerate San Miguel Corp. described last year’s profit as “a new record,” which it managed to achieve despite global supply chain disruptions, high inflation, and a weak peso.

“GSMI is one of the few companies that continued to grow despite the challenges of the past years. This is genuine proof of the company’s strength and true resiliency,” said Ramon S. Ang, its president and chief executive officer.

Consolidated sales last year grew by 11% to P47.3 billion compared with the level in the previous year because of volume growth and higher selling prices, the company said.

Income from operations reached P6 billion, which is 13% higher than that of the previous year.

“Strong brand equity, relevant campaigns, and a continuous push to expand distribution coverage in new markets enabled GSMI to sustain its volume ascent and remain the market leader in the hard liquor category,” the company said.

Total volume growth went up to 7% across various products, which “boosted the company’s bottom line.”

Its products Ginebra San Miguel, Vino Kulafu, and its Gin offerings also saw substantial growth for the year, the company said.

Meanwhile, the company’s board of directors approved the declaration of P0.75 in regular cash dividends and P1.75 in special cash dividends on common shares for shareholders as of March 24.

GSMI shares on Monday dropped by 3.33% at P5 to close at P145 apiece. — Adrian H. Halili