SBS Philippines Corporation (SBS), one of the leading chemical distribution companies in the Philippines, announced its results for the first semester ended 30 June 2022. The Company reported significant growth across all market segments during the first semester 2022 versus its first semester 2021 result.
Results Overview
- First semester 2022 net sales amounted to P606.7 million, up by 51% from comparable semester of 2021 at P402.4 million.
- Second quarter 2022 net sales amounted to P318.0 million, up by 39% from comparable quarter of 2021 at P228.3 million, and 10% higher than the previous quarter confirming the sales uptrend for three consecutive quarters.
- Operating profit on consolidated basis grew by 80% in S1 2022 compared to S1 2021 driven by increase in sales volume and selling prices as well as favourable product mix.
- Realized a net income of P62.0 million for the first semester of 2022 compared to P213.4 million of net income in the first semester of 2021 which include one-time gain on sale of investment in subsidiary amounting to P240.2 million in 2021. Excluding the one-time gain, the first semester of 2021 could have registered a loss during the said period.
According to SBS’ Vice-Chairperson and Chief Financial Officer, Aylene Y. Sytengco, “SBS has successfully navigated through the pandemic and come out stronger than ever. We are hitting new highs in sales revenue and operating margin, coupled with respectable cash flow from our operations.
We are now ready to invest further for our future growth with available funding through internally generated funds as well as credit facilities. We will continue to offer a wide product portfolio, reliable inventory, and efficient supply chain to serve our customers’ requirements timely despite the on-going global logistic disruption that affects many of our peers in the market.”
Read More: Press Release Philippines
