Ginebra earnings surge 64% to P4.1 B

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Ginebra San Miguel Inc. (GSMI), the spirits unit San Miguel Corporation (SMC), reported a 64 percent surge in net income for the first six months of 2023 to P4.1 billion from the P2.5 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its robust first semester performance was buoyed by steady volume growth as a result of strategic marketing campaigns that helped boost consumption.

With sustained volume growth, sales revenues rose 10 percent to P25.4 billion, while gross profit improved 2 percent to P6.2 billion. He added that, “With the initiatives it has launched, we’re looking to further build on its momentum and continue performing well for the rest of the year.”

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