Emperador reports 11% rise in 9M revenue but net profit slightly down
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Michelle Zhu
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PHILIPPINE liquor giant Emperador posted 11 per cent year-on-year revenue growth to 42.6 billion pesos (about S$1 billion) for the first nine months of 2022, driven by growth across the group’s whisky and brandy segments.
On Thursday (Nov 10), the dual-listed company said its whisky segment revenue grew 16 per cent over the nine-month period mainly due to higher sales of single malts across almost all regions around the world, and the return of travel retail.
Revenue from the brandy segment grew 8 per cent, sustaining year-on-year topline growth in its key markets in the Philippines, Spain, Mexico and North America.
Despite the higher group revenue, net profit was marginally lower at 7.2 billion pesos compared with the previous year’s 9M earnings of 7.3 billion pesos.
Emperador attributed this to rising inflation which impacted both its whisky and brandy segments to result in higher input and logistics costs, as well as advertising and promotional expenses which were recorded with increased on-trade activities.
These factors have a greater impact on the operating margins of the brandy segment where prices are more accessible compared to that of whisky, said the company.
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Emperador president Winston Co noted that the company’s earnings performance for 9M 2022 was limited by rising inflation despite its global business remaining robust.
“There is so much volatility in the global market. We are glad to deliver sustained earnings through our wide portfolio of brands,” he said.
Shares of Emperador on the Singapore Exchange were unchanged at S$0.48 as at 2.57 pm on Thursday, after the news.
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