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San Miguel Brewery Inc. said Tuesday it registered a double-digit profit growth in the first nine months of 2023, fueled by higher volumes from both domestic and international operations.
SMB said in a statement nine-month consolidated net income ended at P19.4 billion, up 20.2 percent year-on-year as revenues grew 9.4 percent to P108.3 billion from P99 billion in the same period last year.Domestic beer volumes expanded 4.3 percent, driven by dynamic brand campaigns, targeted sales programs and a sustained economic recovery that saw more markets reopening amidst the backdrop of rising inflation and living costs.
International beer volumes rose 8.9 percent bolstered by the performance of its export business along with notable growth in the Hong Kong and South China markets.
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