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  • Writer's pictureBy The Financial District

SMC Upbeat On 2023 Prospects

While continuing to face challenges this year, diversified conglomerate San Miguel Corporation is optimistic about its prospects as raw material costs are seen to be more stable.

Photo Insert: SMC President and CEO Ramon S. Ang (RSA).

“I think 2023 is a challenging year because of very high inflation. Higher cost of borrowing, crude oil price fluctuations, lower power demand, and also lower food demand,” said SMC President and CEO Ramon S. Ang (RSA) during the firm’s annual stockholders’ meeting.

However, he noted that “despite all of that, because the company is doing everything we can, our first quarter is still good.”

“But, you know, if we compare 2022, which is a national election year, the volume is definitely much better than this year 2023. So, if we can at least match the previous year’s performance, I think we should be very thankful,” Ang added.

SMC Chief Finance Officer Ferdinand K. Constantino pointed out, “We are much more optimistic about the operating environment this year. While the war in Ukraine is a continuing threat, the general outlook is the raw material prices will be more stable this year.”

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

He added that “With the pandemic winding down, we're also looking to sustain and further build on the gains we have already made.”

But, Constantino noted that, as Ang said, “there are still uncertain times and many challenges remain. But if there is anything San Miguel and RSA have consistently shown these past decades, it is that we are ready to do what it takes to go beyond what is expected to give even more of ourselves, to deliver on our promise of nation-building.”

Business: Business men in suite and tie in a work meeting in the office located in the financial district.

He said SMC is “off to a solid start this 2023 with our first quarter consolidated revenues improving by 9 percent at P346.7 billion.”

SMC's first quarter consolidated operating income is up 8 percent to P35.1 billion while reported net income is P17.7 billion, 27 percent higher than in 2021. Consolidated EBITDA likewise improved by 13 percent to P51 billion.

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