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Genebra reports record 2019 results

By James A. Loyola

Ginebra San Miguel Inc. (GSMI), the hard liquor unit of San Miguel Corporation (SMC), posted 59 percent jump in net income to a record P1.67 billion in 2019.

 Ramon S. Ang

Ramon S. Ang

In a disclosure to the Philippine Stock Exchange, GSMI said consolidated revenues ended up 17 percent higher at P29 billion while operating income closed strong at P2.9 billion.

GSMI’s sales volume was also up 14 percent, its highest in nine years due to wider distribution coverage, along with the roll-out of its marketing campaigns.

“We are happy to report that we have broken records in 2019. However, 2020 presents a different challenge for all of us. The whole world was caught unprepared to deal with a crisis of this magnitude,” SMC president and COO Ramon S. Ang said.

As a result, operating income for the first quarter fell 30 percent to P686 million compared to the same period last year.

Consolidated revenues of P7.45 billion and gross contribution of P1.8 billion were also down from the previous year.

“Despite this, I am so proud of how our people stepped up to respond to the crisis. Throughout the quarantine period, GSMI was the first to repurpose its facilities, amid the liquor ban, to produce disinfectant alcohol and meet a pressing national need. These alcohol were donated for free to critical health facilities and local government units nationwide,” Ang said.

In March, GSMI shifted its operations from liquor manufacturing to the production of 70 percent ethyl alcohol. To date, GSMI has donated 1.3 million liters of alcohol to frontliners in hospitals and local government units nationwide.

“This pandemic will cast a long shadow, but we are optimistic as we continue to be grounded in our purpose of making lives better for the communities we serve. We’ve been through many more challenging times in the past and we believe we will come out of this crisis stronger, better. We will beat this pandemic together,” Ang added.


Source: Manila Bulletin (https://business.mb.com.ph/2020/06/24/genebra-reports-record-2019-results/)

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