San Miguel Pure Foods, the Philippines-based meat-to-dairy supplier, has reported higher first-half sales and profits.
The company, a listed part of local conglomerate San Miguel Corp., posted a 26% rise in net income to PHP3.14bn (US$61.1m) for the six months to the end of June. Income from operations grew 24% to PHP4.46bn.
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San Miguel Pure Foods’ net sales increased 5% to PHP55.94bn.
The owner of brands including Magnolia ice cream said revenue from its branded value-added business rose 4% to PHP12.64bn.
Sales from San Miguel Pure Corp.’s agro-industrial division – consisting of its feeds, poultry and Monterey Fresh Meats units – were up 6% at PHP39.48bn.
Revenue from the company’s milling arm slid 2% to PHP4.65bn.
In 2016, San Miguel Pure Foods saw its earnings jump by more than a quarter. The company generated net earnings of PHP6bn, up 26% on 2015. The business’ operating income rose 17% to PHP8.9bn. Group revenues were up 4% at PHP111.6bn.
