SMFB profit climbs 13% to P46.3B on food, spirits growth

SAN MIGUEL Food and Beverage, Inc. (SMFB), the food and beverage subsidiary of San Miguel Corp. (SMC), reported a consolidated net income of P46.3 billion for 2025, a 13.2% increase from the P40.9 billion recorded in 2024.

This performance was supported by growth in the food segment, continued expansion in spirits, and increased international beer sales, the company said in a statement on Tuesday. The company has yet to release its full financial report for 2025.

“2025 was a strong year for SMFB, and that is a credit to our people across the organization. We will continue investing in our brands and operations so we can serve more Filipino families and deliver long-term value to our shareholders,” SMFB Chairman Ramon S. Ang said.

Consolidated revenues for the year rose 4.54% to P419.1 billion, while income from operations grew by 9.32% to P61 billion.

Attributable net income rose by 17%, which the company said reflected improved returns for shareholders.

The food segment was a primary contributor to the company’s profit growth, with net income rising 38% to P11.6 billion.

Operating income for the segment increased by 30% to P17.3 billion, and revenues grew 6% to P196.3 billion.

According to the company, this growth was driven by improved performance in the feeds business and strong demand for poultry.

The company’s branded businesses also reported solid results, particularly Magnolia Dairy and Coffee and Purefoods meats, which saw higher sales of products such as corned beef, luncheon meat, and various processed meats.

In the beer segment, consolidated revenues remained stable at P155.4 billion, matching the previous year’s performance.

International beer revenues grew 3% to $285 million, supported by higher sales volumes.

However, domestic beer revenues, which totaled P139.1 billion, were affected by continued pressure on consumer spending and successive increases in excise taxes since 2020.

To maintain an operating income of P32.9 billion and a domestic net income of P26.5 billion, the company said it employed cost management, portfolio optimization, and targeted consumer engagement.

The spirits segment continued its upward trend, with revenues increasing by 8% to P67.4 billion.

The company attributed this growth to steady volumes and effective pricing strategies.

On Tuesday, SMFB’s share price increased by 2.13% to P52.70. — Alexandria Grace C. Magno