Philippines: 2022 SMFB net profit augmented by 10% to a total of 34.7 billion pesos.

San Miguel Food & Beverage (SMFB), the food and beverage arm of conglomerate San Miguel, reported consolidated net profit of 34.7 billion pesos, up 10 percent from a year earlier, according to its 2022 earnings report. Consolidated gross revenue also increased by 16% year-over-year to P358.9 billion. Ramon Ang, president and CEO, said that despite the difficult business environment in 2022, including geopolitical tensions, inflationary pressures and supply chain disruptions, the company was able to expand its net profit and said, “Our business is growing. We were able to prove the resilience of the model.” The beer sector increased by 17% to P136.2 billion, the spirits sector increased by 11% to P47.3 billion, and the food sector increased by 16% to P175.3 billion. (9th, Manila Times)