E-Malt.com News article: 1930

San Miguel Corp. expects sales this year to rise 20%. Dow Jones reported on December 14 that the food and beverage conglomerate expects its 2003 net profit to outstrip this year by 10%. Company president and chief operating officer Ramon Ang predicts net profit reaching 6.63 billion pesos (US$120m) this year, with revenue growing by 25% next year. The company’s Q3 figures to September saw net profit rise by 15% year-on-year to 1.79 billion pesos on the back of sales growth of 9% to 35.9 billion pesos.

San Miguel, the Philippines' largest food and beverage conglomerate, plans to invest around US$100m in the hope it will boost its annual revenue to US$300m. Ang said the capital expenditures will include those to be made around the region, particularly in beer brewing and food manufacturing in Indonesia, Vietnam, Malaysia and Thailand. Ang said San Miguel expects investments made overseas to start contributing strongly to group sales early in 2005.

Ang also said that it is in talks with the Indofood group in Indonesia. Ang said: “If ever we do a deal with anybody in the region it will purely be (for) an acquisition, We don’t want to get into distribution.”


17 December, 2003