Chemical trader and distributor SBS Philippines Corp.
reported a decrease of consolidated net profit for 2022 to P103.7 million, from P180.4 million in 2021.This was said to have been due to a one-time gain from the deconsolidation of a subsidiary in 2021. Consequently, the group registered a net finance expense of P87.4 million in 2022, from P124.3 million in 2021.A P312.0 million gain had been recorded in 2021 for the transaction.Other operating income, meanwhile, fell by P19.9 million or 65.1 percent to P10.
Sales revenue increased by 45.30 percent to P1.19 billion from P817.5 million.Industrial chemical sales rose by 113.30 percent or P121.20 million while the food ingredients segment increased by 37.40 percent or P94.50 million.The growth was said to have driven by an improvement in manufacturing activities and a continued increase in consumer demand.Revenue from animal feeds increased by 4.70 percent or P12.
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