Business

SMFB expects its recovery momentum to continue

SMFB expects its recovery momentum to continue

MANILA, Philippines — San Miguel Food and Beverage Inc.,  the listed food and beverage subsidiary of diversified conglomerate San Miguel Corp.,  expects its recovery momentum to continue as it pursues expansion projects.

SMFB president and CEO Ramon Ang said that while 2020 was a difficult year, the company rose to the challenge.

“2020 reminded us that we were built for times like these, and what we do as a company can make a difference in the lives of so many people. We will continue to do our part and focus on helping our employees, our countrymen and the economy. We will recover and rebuild from this pandemic,” he said.

Ang said the company would pour in P30 billion for capital expenditures this year to fund capacity expansion.

SMFB plans to build feed mills, poultry processing plants, a processed meats cannery, and a butter and cheese plant.

It  will also build warehouses to store  additional products as the company grows further.

SMFB managed to return to profitability in the first quarter, posting a consolidated net income of P9.68 billion or an increase of 66 percent from the same period last year.

Consolidated sales reached P76.36 billion, up 11 percent  while consolidated income from operations was 45 percent higher at P12.57 billion.

“Our first quarter results reflect the resilience of SMFB throughout the crisis. The group has proven its agility and ability to control costs, manage cash, and stay on track to deliver long-term profitable growth while ensuring our products are always available to our customers and vulnerable communities that need them the most,” Ang said.

“We remain optimistic about the future and stay focused on driving investments in products and innovate on systems that will better address the needs of Filipinos. We will work hard with greater efficiency and flexibility in order for our country to emerge from this pandemic stronger and more formidable,” said Ang.