MANILA – San Miguel PureFoods Company, Inc. (SMPFC), the food and beverage arm of conglomerate San Miguel Corp. (SMC), posted a consolidated net income of PHP6.9 billion in 2017 from PHP6 billion in 2016.
SMPFC disclosed to the Philippine Stock Exchange that higher volumes of poultry products, fresh meats, and branded value-added businesses drove the higher profit growth last year.
Combined revenues from the feeds, poultry and fresh meats businesses grew 6 percent on better sales mix and favorable prices of chicken and fresh meats.
“Moving forward, as we strive to further strengthen our market leadership, we will continue to grow our product offerings. We’re very much encouraged by the positive response that our new products have received from consumers,” said SMC President Ramon Ang.
Ang said the company would continue implementing capacity expansion program to meet its long-term growth targets.
Meanwhile, the milling business remained affected by the continued deceleration of global wheat prices. Revenues last year declined by 3 percent, but the business remained profitable despite the margin squeeze.
Revenues of SMPFC’s branded value-added business rose 6 percent on strong performance of processed meats, the launch of new products, and intensified brand-building activities.
