San Miguel Brewery Inc. (SMB), the brewery unit of San Miguel Corporation, said today that its first semester 2009 net sales revenue rose 4.2% year on year to P24.8 billion. SMB sales volumes reached 86.0 million cases.
Operating income amounted to P7.6 billion in the first semester, a 6% increase from of the previous year, while net income after tax grew by 4% to P4.86 billion for the semester. Earnings growth was driven by continued cost management efforts and more stable raw material prices.
The SMB Inc. Board of Directors approved cash dividends of P0.11 centavos per share to all shareholders of record as of July 28, 2009 payable on August 10, 2009.
San Miguel Brewery Inc. held its first-ever stockholders meeting today. Earlier this year, the brewery completed a record-breaking P38.8 billion bond offering—the largest ever debt offering by a corporate issuer in the Philippines. Proceeds from the bond offering were used to purchase the domestic beer brands and brewery land assets from San Miguel Corporation.