Philippines-based integrated poultry meat and pork producer, San Miguel Pure Foods Company (SMPFC) has ended its 2017 fiscal year with a 16 percent increase in consolidated net income of PHP6.9 billion (US$133.0 million).
This growth in income was mainly driven by improved operational efficiencies and higher sales by the poultry, fresh meats, and branded added-value businesses, according to SMPFC.
Favorable prices for chicken and fresh meats helped boost the combined revenue for the feeds, poultry and fresh meat sectors up by six percent from the previous fiscal year. The firm attributed a similar growth in revenue by the branded value-added business to new product launches and brand-building activities.
By comparison, SMPFC’s milling division had a disappointing year, with revenue down by three percent from 2016 as a result of the continued fall in global wheat prices. Nevertheless, the firm says this business remained profitable.
Results for the first six and nine months of 2017 pointed to a 26 percent increase in net income, according to previous company statements.
Looking ahead, Ramon S. Ang, mresident of SMPFC’s parent, San Miguel Corporation (SMC), said the firm would continue to focus on capacity expansion, and new product offerings to support its position of market leadership.
In November 2017, SMC announced plans to consolidate all its food and beverage businesses in one entity with a share-swap deal, reported Rappler.
In 2016, SMPFC announced a significant five-year program of expansion to its feed, poultry and pig meat operations in the Philippines.
