EMPERADOR, Inc. reported on Wednesday that net income attributable to equity holders reached P2.1 billion in the first quarter, or just a tad higher than the P2.08-billion profit recorded a year ago.
“We recorded higher revenues year on year despite challenges posed by global logistics and the Omicron variant that brought lockdowns across international markets including the Philippines in the first quarter of 2022,” Emperador President Winston S. Co said in a statement.
Based on its financial report submitted to the stock exchange, gross revenue grew to P11.76 billion in the first three months of the year, up 0.8% from P11.86 billion a year ago.
Mr. Co said that the revenue growth in the first quarter again proved that the overall demand for Emperador’s products remained “strong.”
“The brandy segment was more impacted by rising costs. We managed to keep gross margin and net profit robust amidst inflationary pressures,” he added.
Mr. Co said the priority was to get products on shelves amid supply chain challenges.
“Global demands remain high as economies continue to open. We look forward to better prospects and better year as the company pursues its strategic long-term agenda of premiumization and internationalization,” he said.
In April, the company announced that it obtained a conditional eligibility-to-list (ETL) from the Singapore Exchange Securities Trading Ltd. for its proposed secondary listing on the main board of the Singapore Exchange.
Emperador is a holding company that operates an integrated business of manufacturing, bottling and distributing distilled spirits and other alcoholic beverages.
It owns brandy and sherry maker, Fundador, and whisky manufacturer, Whyte & Mackay.
In 2021, the company reported that normalized net income was up 35% to P10.8 billion and normalized earnings to owners increased 34% to P10.6 billion.
On Wednesday, Emperador shares declined by 0.65% or P0.12 to P18.40 apiece.