Ginebra San Miguel Inc. (GSMI), the hard liquor unit of San Miguel Food and Beverage Inc. (SMFBI), more than doubled its profits for the first quarter of 2019 to P616 million on wider product distribution and higher operational efficiencies.
Consolidated revenues for the period rose 28% to P8.3 billion while operating income registered a triple-digit growth of 122% to P986 million.
GSMI got a huge boost from its “Ginebra Ako” marketing campaign anchored on Filipino values and ideals. The thematic campaign resonated well with consumers and strengthened brand relevance resulting in a 24% volume growth for the first quarter.
For the full year 2018, GSMI posted consolidated revenues of P24.8 billion on the back of higher volumes, which increased 13% year-on-year. This resulted in higher operating income of P1.8 billion for a 40% improvement, while net income of P1.05 billion was a 75% jump from the year before—GSMI’s highest since 2005. Ginebra San Miguel is celebrating its 185th anniversary this year.