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 relating to the future performance of SBS that are based on the Company’s current expectations, forecasts and assumptions and involve risks and uncertainties. Actual results may differ materially from those expressed in forward-looking statements and reported results should not be considered as an indication of future performance. Factors that can cause or contribute to such differences include, but are not limited to, changes in political, business and economic conditions, general economic downturn or crisis, major fluctuations in exchange rates, effect of business initiatives and management changes, changes in business strategy, shifts in customer demands and preferences, industry trends, changes in government regulations, and the Company’s ability to deal with the increasingly competitive commercial environment. You are cautioned not to place undue reliance on these forward looking-statements which are based on the current view of management. The Company assumes no obligation to update such statements, except as required by law.
About SBS Philippines Corporation (www.sbsph.com) SBS Philippines Corporation (the “Company”) is one of the major chemical trader-distributor in the Philippines supplying a diverse customer base of more than 1,800 customers with over 3,000 chemical products sourced from more than 500 suppliers. The Company offers a comprehensive selection of chemical products to service its wide set of clientele in the following industries: (i) food ingredients, (ii) industrial, (iii) feeds and veterinary care, (iv) pharmaceutical, (v) personal care and cosmetics. The Company’s logistics infrastructure includes a network of 15 warehouse facilities located at 5 different sites in the greater manila area and the province of Bulacan, providing for a combined floor space of about 46,000 square meters and a storage capacity exceeding 18,000 MT. Its warehousing and distribution infrastructure provides for enormous flexibility to distribute a variety of products to a diverse set of customers and markets. The Company’s scale and distribution reach, combined with its diversified product offering, deep industry knowledge, and value-added services on logistics management provide the Company with a distinct competitive advantage as the “one-stop shop” resource for chemical requirements.
More information on SBS is available at the SBS website at www.sbsph.com.
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