Metro Manila (CNN Philippines, May 16) — Emperador Inc., the liquor arm of business tycoon Andrew Tan, is allotting more investments this year as it gears up for market expansion.
The company said spending for 2022 would reach ₱3 billion, higher than the ₱1.74 billion earmarked in 2021.
“Most of the capex budget will be spent outside the Philippines, bulk of which will be on the whisky business,” Emperador Inc. president Winston Co said in a statement on Monday.
“We operate in an ever-changing, dynamic and highly competitive industry. Strategic investments are key to ensuring that as a global company, we can adapt to evolving consumer preferences and demands. Not only this, but we are also able to deepen and strengthen our premiumization and internationalization efforts,” Co said.
Emperador’s liquor products are present in more than 100 countries.
The company ended 2021 with a ₱10.8 billion profit, 35% up from 2020’s ₱8 billion.
Revenues, meanwhile, also rose 6% to ₱55.9 billion.
In a previous statement, Emperador said Fundador brandy continued to perform “very well” in the United Kingdom, the United Ststes, Canada, Spain, Mexico, and Asia, including the Philippines.
Emperador’s whisky business also enjoyed a strong presence in North America, Europe, as well as Asia, led by Greater China.