San Miguel Brewery profits up 31% as sales hit record high

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Metro Manila (CNN Philippines) — San Miguel Corp.'s brewery unit saw profits jump by nearly a third in 2016 after domestic sales reached an all-time high.

San Miguel Brewery, Inc.'s (SMB) net income after taxes stood at ₱17.7B last year, it said in a statement on Monday. This is 31% higher than the ₱13.5 billion it booked in 2015.

Profits were driven by SMB's domestic operations, with sales reaching a record 202.6 million cases — an annual increase of 15%.

"The company is synonymous with beer — nine out of 10 beers sold in the Philippines are San Miguel beer brands," SMB said.

Aggressive distribution and marketing increased the consumption of SMB products, it added. More broadly, election spending and consumer confidence in the growing economy also boosted sales.

The beer maker did not disclose figures for its international operations. But it there were "significant improvements in revenue and operating income" after it adjusted prices, managed costs and increased exports.