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Ginebra San Miguel posts P1.9 billion in the first quarter

GINEBRA San Miguel Inc. (GSMI), a subsidiary of Ramon S. Ang’s San Miguel Corp., saw its net profit decline 25 percent to P1.9 billion in the first quarter of 2024 from P2.5 billion previously, despite higher sales.

Total revenue, on the other hand, rose 17 percent from P12.9 billion to P15.1 billion, mainly due to higher volume of major brands and price increases, the beverage company said in a stock exchange filing last week.

GSMI is primarily involved in the production and sale of alcoholic beverages, led by its flagship product, Ginebra San Miguel. The other products also include GSM Blue, Primera Light Brandy, Antonov Vodka, Vino Kulafu and Añejo Gold Rum.

The company said gross profit for the first three months of the year amounted to P3.7 billion, up 22 percent year-on-year, due to higher sales prices, generally stable costs of key materials and improved biogas production by the distillery .

Interest income is said to have doubled from P94 million to P189 million, mainly due to interest from money market placements and advances from related parties.



However, other revenues shrank 95 percent to P90 million from the P1.7 billion recorded in 2023, including a one-time gain, GSMI noted.

The group’s financial position remained healthy, with cash and cash equivalents rising 35 percent to P13.4 billion at the end of the first quarter.

As of the end of March this year, GSMI’s consolidated assets stood at P30.1 billion, while total liabilities and total equity stood at P10.5 billion and P19.6 billion, respectively.

Shares in GSMI closed 0.8 percent higher to P163.80 each last Friday, while parent company San Miguel’s stock price fell 0.39 percent to P103.