SMFB net income increases by 17% in third quarter

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Metro Manila (CNN Philippines, November 14) — San Miguel Food and Beverage, Inc. (SMFB) continued its growth story in the third quarter.

The company, with the trading code of FB at the Philippine Stock Exchange (PSE), is the consolidation of all the food and beverage businesses of San Miguel Corporation, namely, San Miguel Brewery (SMB), Ginebra San Miguel Inc., (GSMI) and the San Miguel Food Group.

In a disclosure to the PSE, the company reported a ₱22.9-billion net income, 17 percent more than that of the same quarter last year.

"Strong growth and results across all businesses reflect the successful execution of our strategies. With the strength of our brands, we are able to maintain good volume growth and margins. We remain focused on building our businesses for the long term and deliver high quality growth," said SMFB President and CEO Ramon Ang in a statement.

SMB grew by 16 percent as domestic demand for San Miguel Pale Pilsen and Red Horse beers continue to be strong.

GSMI also grew stronger by 17 percent at the back of the "Ginebra Ako" marketing campaign.

The Food Group grew by 13 percent, driven by its animal nutrition and health, protein, and prepared and packaged food products.

On Monday, SMFB listed more than 400 million common shares in the stock market, at ₱85 a piece.