San Miguel Brewery says net income after tax reached P17.7B in 2016

San Miguel Brewery Inc. (SMB), a subsidiary of conglomerate San Miguel Corporation, posted P17.7 billion in net income after tax last year, fueled by record sales from domestic operations.

“Net income after tax amounted to P17.7 billion,” San Miguel said in an emailed statement on Monday.

“SMB’s domestic operations reported its highest-ever sales volume of 202.6 million cases, 15 percent better than last year,” it said, noting there was an “aggressive” improvement in distribution.

“Election-related spending, growth in consumer confidence and the positive outlook for consumer spending also helped sales,” it added.

Consolidated revenues rose 18 percent to P97.2 billion from the previous year, bringing operating income to P27.2 billion.

Share prices of San Miguel Corp. shed P1.00 or 0.94 percent on Monday to close at P105.10 per shares from P106.10 on Friday. — Jon Viktor Cabuenas/VDS, GMA News