Emperador profit up 35% in 2021

LISTED Emperador Inc. said it recorded another banner year last year after posting a double-digit higher net income in 2021.

The Andrew Tan-led distillery, in a disclosure, said its normalized net profit ended at P10.8 billion last year, up 35 percent from P8 billion in 2020.

Its normalized net profit to owners also gained 34 percent to P10.6 billion year on year, while its revenues for the year inched up by 6 percent to P55.9 billion.

“Against a backdrop of the global pandemic, Emperador managed to remain resilient. We are very fortunate to have a deep and diversified brandy and whisky portfolio and a vast product availability across at least 100 countries,” Emperador President Winston Co was quoted as saying.

Emperador noted that its international brandy business was led by Fundador, which performed well in the United Kingdom, the United States, Canada, Spain, Mexico and Asia, including the Philippines.

The company’s whisky business, on the other hand, performed well in North America, Europe and Asia, led by Greater China.

“We remain steadfast in the face of new challenges in global logistics, rising cost and new surges of new Covid-19 variants. We remain optimistic economies will open up more in the coming months,” Co remarked.

Emperador has a market value of $5.2 billion and owns the brands Fundador and Whyte & Mackay.

Shares of Emperador are up 68 centavos, or 3.71 percent, to close Monday at P19.02 each.