MANILA — Ginebra San Miguel Inc. (GSMI), the hard liquor arm of San Miguel Corporation (SMC), reported a solid first quarter performance, sustaining its momentum of continuous growth in the last ten years and strengthening the company’s position in the market.

GSMI, which is commemorating its 190th year, opened the first three months of 2024 with P15.1 billion in consolidated revenues, a 17% increase from the same period in the prior year, and income from operations of P2.3 billion, 40% higher versus last year.

Net income was at P1.9 billion, 25% lower compared to the previous year, due to a one-time income in March 2023. Excluding this one-time gain, net income would have been higher by 38%.

First quarter sales grew on the back of higher sales volumes, which improved 8%, due largely to the effectiveness of the “Lamang ang May Tapang” campaign, and the ongoing “Lamang ang Panalo” consumer promo. 

For the full year 2023, GSMI revenues reached P53.6 billion, 13% higher than the previous year, driven by strong sales volumes and higher selling prices.

Income from operations reached P6.8 billion, 14 percent higher than in 2022. Net income jumped 66% 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. 

GSMI stock price significantly improved by 28%, closing at P168.7 per share 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.

GSMI is the producer of Ginebra San Miguel, the world’s largest-selling gin, according to the leading global drinks journal, Drinks International. GSMI’s other quality distilled spirits include 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 Philippines’ no. 1 Chinese Wine Vino Kulafu.

(el Amigo/mnm)