SMFB first-half earnings climb 4% to P22.1B on food sales

San Miguel Food and Beverage, Inc. (SMFB) posted a 4% increase in first-half net income to P22.1 billion, supported by stronger food sales despite weaker consumer demand and softer beer revenues, according to a report by BusinessWorld.

Revenue rose 2% to P205.3 billion for the six months ended June, while operating income increased 4% to P28.8 billion, the listed food and beverage company said. The food segment drove the earnings growth, helping offset a decline in beer sales during the period.

The results come as consumer spending remains cautious, with demand for beverages softening while food products continued to show resilience. SMFB is the food and beverage arm of San Miguel Corp. and its performance is often seen as a barometer for household consumption in the Philippines.