Ginebra San Miguel Inc. (GSMI), the hard liquor arm of San Miguel Corp. (SMC), expects to sustain its growth momentum as the group commemorates its 190th year this year.
GSMI president Ramon Ang said during the annual stockholders meeting the company has been posting strong growth over the past few years. It also delivered solid first-quarter performance.
GSMI registered revenues of P15.1 billion in the first three months of 2024, a 17-percent increase from the same period in the prior year and income from operations of P2.3 billion, up 40 percent from last year.
Net income reached P1.9 billion, down 25 percent from previous year’s level, which included a one-time income in March 2023. Excluding this one-time gain, net income would have been higher by 38 percent.
GSMI revenues reached P53.6 billion in 2023, or 13 percent higher than the previous year, driven by strong sales volumes and higher selling prices.
Income from operations rose 14 percent to P6.8 billion. Net income jumped 66 percent to P7 billion, the highest for the company. The one-time gain from the sale of Don Papa Rum rights further boosted the company’s performance.
As a result of positive performance, GSMI’s stock price climbed 28 percent, from P168.7 at the end of December 2023 to P215.8 as of May 28, 2024.
As part of the flagship brand’s 190th anniversary celebration, GSMI has lined up activities such as the month-long celebration of World Gin Day in June, as well as Ginumanfest concerts featuring top musical artists and GSMI brand ambassadors.
