Newly listed SBS Philippines posts significant growth in Q2 net income

Following a successful initial public offering (IPO) last month, newly-listed chemical firm SBS Philippines Corp. said it posted a significant growth in its second quarter net income.

 

In a filing with the Philippine Stock Exchange on Thursday, SBS said its second quarter net income rose to P40.21 million from P14.40 million a year earlier year.

 

Sales reached P215.34 million from P166.64 million while cost of goods rose to P152.26 million from P118.94 million.

 

Net income for the first half of the year totaled P72.51 million, more than double the P33.68 million a year earlier.

 

The company raised P1.55 billion from an IPO in August.

 

First half sales were reached P458.55 million from P360.15 million and cost of goods rose to P324.64 million from P257.86 million.

 

Formerly known as Sytencgo Philippine Corp., SBS supplies over 3,000 chemical products to more than 1,800 customers in various industries. – Jon VIktor Cabuenas/VS, GMA News