Hard liquor producer Ginebra San Miguel, Inc. (GSMI) posted a 66% growth in net profit to 2.1 billion pesos in the first six months of the year, as sales continue to grow. ‘increase as consumers stranded due to the pandemic.
In a disclosure to the Philippine Stock Exchange, the company said revenue rose 36% to 20.2 billion pesos while operating income rose 45% to 2.6. billion pesos.
The company is expected to pay another special dividend of P 1.00 in September in addition to the regular dividend of P 0.25 per ordinary share.
GSMI attributed higher sales to its marketing campaigns, wider market distribution, and sustained operational efficiencies during the crisis created new opportunities and helped push the business recovery even further.
First half volumes increased 21% year-on-year, driven by the strong performance of flagship brand Ginebra San Miguel. The marketing campaigns and programs put in place during the first half of the year helped boost volumes.
“Our efforts to adapt to the challenges of the pandemic – to strengthen our sales distribution network and continually promote our core brands – gained momentum as travel restrictions in quarantine gradually eased before the end of the first. semester to allow more mobility across the country and support our economic recovery, ”said GSMI President Ramon S. Ang.
Despite losing sales amid lockdowns at the start of the pandemic in 2020, GSMI responded to the call for help in the fight against COVID-19 by re-equipping its facilities to make disinfectant alcohol that was in shortage at the time.
San Miguel Corporation (SMC) and GSMI donated a total of 1.3 million liters of San Miguel ethyl alcohol to nearly 3,700 critical facilities and communities nationwide.
“Even when the pandemic hit us the most, we remained focused on doing the right thing, and we are more committed than ever to helping stimulate the economy and supporting the sectors and communities that continue to be affected by this health crisis, ”said Ang. added.
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