SMC Boosts Profits To ₱23.3-B

Diversified conglomerate San Miguel Corporation (SMC), led by magnate Ramon S. Ang, reported an 18% growth in net income to P23.3 billion in the first half of 2023 from P19.8 billion in the same period last year.

Photo Insert: San Miguel Brewery Inc. (SMB) posted a consolidated net income of P13.5 billion, 26 percent higher than the previous year’s levels.

In a disclosure to the Philippine Stock Exchange, the firm said this was driven by sustained performance improvements across its beer, spirits, infrastructure, and packaging units, supported by contributions from its new acquisition Eagle Cement.

Consolidated operating income was up 5 percent at P69.9 billion, tempered by rising raw materials costs which continued to affect its other businesses.

Meanwhile, consolidated revenues were down 4.0% to P685.2 billion as fuel subsidiary Petron Corporation continued to be affected by declining crude oil prices and San Miguel Global Power contended with lower volumes. Consolidated EBITDA was up 10 percent to P100.1 billion.

“We’re greatly encouraged by the sustained growth we are seeing across most of our businesses. While there are challenges, we’re confident in the programs we have put in place to address them,” said SMC President and CEO Ramon S. Ang.

He added that “We are also keeping our focus on executing on our projects, implementing our growth strategies, and providing our customers the high-quality service they expect from San Miguel.”

San Miguel Food and Beverage, Inc.’s consolidated net income ended at par from last year at P18.8 billion as San Miguel Brewery Inc. (SMB) posted a consolidated net income of P13.5 billion, 26 percent higher than the previous year’s levels.

Ginebra San Miguel Inc. (GSMI) said net income rose 64 percent to P4.1 billion while San Miguel Foods (SMF) recorded consolidated a consolidated net income of P1.7 billion.

San Miguel Global Power Holdings Corp.’s (SMCGP) off-take volumes for the 1st semester ended at 10,685 Gwh, 25 percent lower than last year following the termination of its 670-MW power supply agreement with Meralco.

Consolidated net income jumped to P5.9 billion, more than 4 times higher than last year due partly to the appreciation of the peso this year.

Petron Corporation’s net income settled at P6.14 billion, down 20 percent from last year’s P7.7 billion as SMC Infrastructure continued to deliver robust results with operating income reaching P9.0 billion, up 50 percent from the same period last year.

San Miguel’s Cement business, composed of Eagle Cement Corporation, Northern Cement Corporation, and Southern Concrete Industries, Inc., registered consolidated revenues of P20.2 billion, tripling from last year’s P6.9 billion.

Operating Income amounted to P3.0 billion, coming from P398 million the previous year.

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