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SMFB profit dips in Q1

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San Miguel Food and Beverage, Inc. reported a 5 percent decline in consolidated net income to P9.2 billion in the first quarter of 2022 from P9.7 billion in the same period last year.

However, the firm said in a statement that, excluding non-recurring benefits in the first quarter of 2021 related to the CREATE law, the company’s net income for the quarter in review was slightly up by 1 percent to P9.2 billion.SMFB said it delivered solid top-line results in the first quarter despite sharp increases in raw material costs and disruptions to supply chains brought about by the prolonged conflict in Ukraine that is pushing up prices of global commodities.

As with other consumer goods companies, SMFB said it was faced with rising input costs on raw materials and utilities, squeezing profits and muting the gains from volume growth compared with the same period last year. Its Animal Nutrition and Health and Flour segments posted strong double-digit revenue growth, while Poultry and Processed Meats also posted higher sales.

Its consolidated EBITDA for the first quarter of the year amounted to P5.7 billion from P6.1 billion, while consolidated operating income ended at P4.2 billion from P4.5 billion.

 

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