PSE / MEDIA RELEASE: SBS POSTS 66% REVENUE INCREASE IN THE FIRST QUARTER OF 2022
SBS Philippines Corporation (SBS), one of the leading chemical distribution companies in the Philippines, announced its results for the first quarter ended 31 March 2022. The Company reported a strong recovery during the first quarter 2022 versus its first quarter 2021 result.
Results Overview
– First quarter 2022 net sales amounted to P288.7 million, up by 66% from comparable quarter of 2021 at P174.1 million, and 26% higher than the previous quarter.
– Operating profit on consolidated basis grew by 90% in Q1 2022 compared to Q1 2021 driven by increase in sales volume and selling prices as well as favorable product mix.
– Realized a net income of P27.4 million for the first three months of 2022, reversing the P20.8 million loss incurred during the first three months of 2021 According to SBS’ Vice-Chairperson and SVP for Sales and Marketing Operations, Necisto Y. Sytengco II, “SBS achieved sales growth across all segments particularly the business recovery of the industrial and the feed and veterinary segments from the challenges in 2021. Our wide product portfolio, reliable inventory, and efficient supply chain allow SBS to serve our customers’ requirements timely despite the global logistic disruption that affects many of our peers in the market. This strengthened our position as the preferred one-stop shop supplier of chemical raw materials in the country.”
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Disclaimer: This announcement may contain forward-looking statements about SBS’s future performance. These statements are based on the Company’s current expectations, forecasts, and assumptions, and involve risks and uncertainties. Actual results may differ significantly from those expressed in forward-looking statements. Factors that can cause such differences include changes in political, business, and economic conditions, major fluctuations in exchange rates, business initiatives, management changes, shifts in customer demands, industry trends, and changes in government regulations. Do not place undue reliance on these forward-looking statements, which reflect the current view of management. The Company assumes no obligation to update such statements, except as required by law.
About SBS Philippines Corporation: SBS Philippines Corporation is a major chemical trader-distributor in the Philippines. The Company supplies over 3,000 chemical products to more than 1,800 customers, sourced from over 500 suppliers. It serves various industries, including food ingredients, industrial, feeds and veterinary care, pharmaceutical, and personal care and cosmetics. The Company’s logistics infrastructure includes 15 warehouse facilities at 5 sites in the greater Manila area and Bulacan, with a combined floor space of about 46,000 square meters and a storage capacity exceeding 18,000 MT. This infrastructure allows SBS to distribute a variety of products to diverse customers and markets. The Company’s scale, distribution reach, diversified product offering, industry knowledge, and logistics management services provide a competitive advantage as a “one-stop shop” for chemical requirements.
More information on SBS is available at the SBS website at www.sbsph.com.
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