MANILA — San Miguel Pure Foods expects to breach the Php100-billion revenue mark by this year following its three-quarter robust income.
“The company is positive that holiday spending would further boost volumes and revenues in the fourth quarter,” it said.
In a disclosure to the Philippine Stock Exchange, San Miguel Pure Foods reported consolidated revenues of Php74.4 billion from January to September, up by four percent from Php71.5 billion during the same period last year.
Growth was driven primarily by its agro, milling and dairy businesses.
The company’s net income remained at Php2.7 billion in the first three quarters.
San Miguel Pure Foods said the agro and milling businesses, which make BMEG Feeds, Magnolia chicken, Monterey meats and Baron and King flour, delivered a combined revenue growth of seven percent on account of higher volumes and better selling prices.
The company believed that sales volumes of Magnolia chicken would have been much higher had it not been for typhoon Glenda which affected its broiler supply in the third quarter.
Meanwhile, the branded value‐added businesses posted a combined revenue growth of two percent.
The processed meats business took a hit from the port congestion problem which started in the second quarter of the year.
The dairy business, however, continued to deliver a strong performance despite increases in the prices of some raw materials.