San Miguel Brewery Inc., the beer unit of conglomerate San Miguel Corp., said it completed the payment of P3 billion worth of fixed rate bonds issued in 2012.
The P3-billion Series D bonds, which matured on April 3, forms part of the P20 billion worth of Series DEF of fixed rate bonds San Miguel issued in 2012.
“The company used its available cash to finance the Series D bonds maturity,” San Miguel Brewery said.
The company in 2016 posted a net income of P17.7 billion, 31 percent from 2015, while consolidated revenues rose 18 percent to P97.2 billion.
The domestic operations reported record sales volume of 202.6 million cases, up 15 percent from 2015.
The company aggressively expanded distribution and executed strong marketing campaigns and sales initiatives focused on increasing demand and consumption of its products.
Election-related spending, a growth in consumer confidence and the positive outlook for consumer spending also helped sales.
The company’s international operations also registered significant improvements in revenue and operating income, driven by price adjustments, higher export volumes and cost management programs.
San Miguel president Ramon Ang over the weekend said the company was “evaluating and may bid” for Saigon Beer Alcohol Beverage Corp.
Vietnam may provide an anchor to increase its brewery business as consumption in the country is growing at an annual rate of at least 10 percent, five times that in the Philippines, he said.
Saigon Beer, Vietnam’s largest brewer with a 40 percent market share, has received government approval to hire consultants to advise the state-owned company’s planned stake sale this year.
Heineken NV, Anheuser-Busch InBev NV and Asahi Group Holdings Ltd. are among seven foreign companies that previously registered to bid for stakes.
