SMFB sees better 2nd semester outlook

San Miguel Food and Beverage Inc., a subsidiary of diversified conglomerate San Miguel Corporation, expects a better second semester to boost total performance for 2023. During the firm’s annual stockholders’ meeting, SMFB Chief Operating Officer for Food Francisco Alejo III said “For the balance of the year, we expect and we're seeing prices of raw materials, especially commodities to start going down.” “In fact, in June alone, several of our raw materials are already cheaper than the previous months. And we expect these better prices to continue for the balance of the year, resulting in a significantly better profitability for our balance of the year as compared to the first half,” he added. Meanwhile, Alejo also said that, “our newly built plants for animal feeds, for poultry processing plants, and for processed meats are delivering efficiencies that result in better yield and margins.” “This is on top of the several cost saving initiatives that the food group has been implementing,” he noted. Alejo said that, “as the market opens, we expect better sales and increase consumer spending. Things are actually looking up for the food group. And we would like to assure the stockholders have a better second half, and a good year for 2023.” (James Loyola)