(Esquire Philippines) San Miguel Corporation's food and beverage arm, San Miguel Food and Beverage (SMFB), posted strong growth in 2019, with a consolidated revenue of P310.79 billion, and net income of P32.38 billion, both of which were a 9 percent and 6 percent increase, respectively, from last year's results.
However, San Miguel's momentum in 2019 was not enough to ensure growth in 2020 as the company's consolidated revenue in the first quarter declined by 9 percent year-on-year to P69.02 billion.
Despite these losses, San Miguel Corp's President and COO Ramon S. Ang is still committed to feeding and supporting the vulnerable communities affected by quarantine, all while juggling to ensure that San Miguel can weather the pandemic.
"Our strong fundamentals enabled us to get through this period. SMFB has a strong balance sheet, manageable debt service obligations, and ample liquidity. The company is also taking the appropriate steps to manage its expenses and capital expenditures moving forward," Ang said.
1.6 Million Families Supported
As per RSA's marching orders, SMC has supported over 1.6 million families struggling to survive quarantine and donated over P500 million in food relief goods, the largest food relief and donation drive in SMC history. RSA also revived the nutribun, donating over 600,000 nutribuns to vulnerable communities.
While a liquor ban was imposed during quarantine, San Miguel's beer and spirits division recalibrated its efforts to produce and distribute over 1.2 million liters of rubbing alcohol to 4,000 frontline facilities in the country. Outside of these efforts, the company also supported small farmers, launched rolling markets, and set up mobile food stores at Petron stations.
As one of the biggest food manufacturers in the country, Ang said that the pandemic called on SMC's "responsibility to deliver vital necessities to our consumers and support the most vulnerable communities nationwide." He also noted that the crisis is proving that more "inclusive growth" is needed and building "more resilient communities will help pave the way for a more resilient economy."