Ginebra reports strong Q1 income and revenue growth
Photo caption: GSMI Annual Stockholders’ Meeting (shown in photo, from left) Ginebra San Miguel Inc. president Bernard Marquez; San Miguel Corporation vice chairman, president and chief operating officer Ramon Ang; and chairman and chief executive officer Eduardo Cojuangco Jr.
Ginebra San Miguel Inc. (GSMI), the hard liquor unit of San Miguel Corporation, continued to make gains this year following a return to profitability in 2016.
GSMI revenues for the first quarter of 2017 rose 31% to P5.1 billion as volumes grew 32%. Net income for the same period more than doubled to P129 million from P54 million.
“We are confident that we will continue this growth trajectory for the rest of the year as we build on our inherent assets – strong, relevant brands and highly effective routes to market,” GSMI president Bernie Marquez said.
He added: “Our marketing efforts are geared towards solidifying our hold on core consumers. We also continue to implement measures to capture the new and more sophisticated market through our complementary brands GSM Blue, Ginebra San Miguel Premium Gin and Primera Light Brandy.”
For the full year 2016, GSMI reported a consolidated revenue of P18.6 billion, an increase of 12% from the prior year. Net income reached P361 million, a reversal from the prior year’s P386 million net loss.