SAN Miguel Food and Beverage Inc. (SMFB) on Wednesday said it delivered a "record profit" of P38.1 billion last year, up 10 percent from P34.67 billion in 2022 and the highest since the 2018 consolidation, amid growth across businesses.

Despite macroeconomic challenges, the food and beverage giant saw consolidated sales grow by 6.0 percent to P379.8 billion "improved volumes and pricing strategies."

"Our success in 2023 reflects our team's dedication and drive for excellence," SMFB President and Chief Executive Officer Ramon Ang said in a statement.

"We're determined to build on our gains and continue finding ways to excite and delight our markets while delivering the same high-quality, best-value products that have been trusted and enjoyed by generations," he added.

The beer business booked a 16-percent increase in net income to P25.3 billion and an 8.0-percent growth in consolidated sales to P147.3 billion. This was driven by higher local and international demand, although domestic sales remained 25 percent below pre-pandemic values.

The company said domestic sales still climbed by 8.0 percent to P131.7 billion because of "effective marketing strategies and expanded sales efforts," while global demand lifted offshore sales by 7.0 percent.

In the spirits business, revenues surged 13 percent to P53.6 billion amid continued efforts to promote the brand and expand market reach, resulting in a net income of P7.0 billion, up 55 percent year on year.

Amid challenges in the poultry segment, SMFB's food business ended 2023 with a net income of P6.6 billion, surpassing pre-pandemic levels, although slightly lower than the prior year's earnings.

Food business revenues inched up 2 percent to P178.8 billion, fueled by "strategic pricing adjustments across segments" and supported by aggressive marketing.

San Miguel Food's share price was unchanged at P50.50 on Wednesday amid a 0.39-percent drop in the benchmark Philippine Stock Exchange index.