Philippines-based San Miguel Pure Foods saw its earnings jump by more than a quarter in 2016, helped by rising sales from its branded “value-added” business.
The company, a listed subsidiary of Philippines conglomerate San Miguel Corp., generated net earnings of PHP6bn (US$119.7m), up 26% on 2015. The business’ operating income rose 17% to PHP8.9bn.
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By GlobalDataGroup revenues were up 4% at PHP111.6bn, a result San Miguel Pure Foods said was “buttressed by the value-added and stable-priced segments and favourable selling prices of chicken”.
Revenues from San Miguel Pure Foods’ agro-industrial business – consisting of its feeds, poultry and Monterey Fresh Meats units – grew 5%, buoyed by” stable poultry selling prices and robust volumes benefiting from expanded distribution, increased trade penetration and effective marketing efforts”, the company said.
San Miguel Pure Foods’ branded, value-added business grew 7% amid higher sales of processed meats, cheese, spreads, biscuits and ice cream.
“For 2017, we’re working to further improve core operating margins by growing our value-added business, improving cost efficiencies, increasing distribution reach and aggressively expanding production capacities,” Ramon Ang, the vice chairman of San Miguel Pure Foods and president of San Miguel Corp., said.
