Ginebra San Miguel nets P1.9-B in Q1

Ginebra San Miguel Inc. (GMSI), which operates the hard liquor business of San Miguel Corp. (SMC), on Thursday reported a 25% decline in its net income for the first quarter of the year, reflecting the one-time gain recorded in the previous year.

|In a regulatory filing, GSMI said its net income fell to P1.9 billion compared with the previous year, due to a one-time income in March 2023 when the firm sold the rights to Don Papa Rum. Excluding the one-time gain, net income would have increased by 38%.

This comes as consolidated revenues jumped by 17% to P15.1 billion, as sales volumes improved by 8% which the firm attributed to its campaigns on consumer promos.

GSMI produces alcoholic beverages such as GSM Blue, Ginebra San Miguel Premium Gin, 1834 Premium Distilled Gin, Antonov Vodka, Añejo Gold Rum, G&T Ultralight Spirit Drink (Gin & Tea), Primera Light Brandy, and the Chinese wine Vino Kulafu.

The company reported P53.6 billion in revenues for the full-year 2023, bringing the net income to a record P7 billion. Income from operations was recorded at P6.8 billion.

GSMI’s subsidiaries include Distileria Bago Inc., East Pacific Star Bottlers Phils Inc., and Agricrops Industries Inc.

Shares in the company were last traded at P209.00 apiece, down by P4.60 or 2.15% from Wednesday’s finish of P213.60 per share.—RF, GMA Integrated News