Cojuangco re-elected SMC chairman

The board of directors of San Miguel Corp. (SMC) re-elected Eduardo M. Cojuangco Jr. as chairman and chief executive in its organizational meeting immediately after the company's annual stockholders' meeting yesterday (April 11).

The SMC stockholders voted as directors the following: Ramon S. Ang, Francisco C. Eizmendi Jr., Estelito P. Mendoza, Manuel M. Cojuangco, Gabriel L. Villareal, Faustino F. Galang, Carlos A. Arellano, Federico C. Pascual, Raul P. de Guzman, Alan L. Lee, Benjamin P. Paulino, Hermogenes L. Tantoco, Espiridion D. Laxa and Iñigo Zobel.

Also elected during the SMC board's organizational meeting were Ang as vice chairman and special assistant to the chairman and chief executive officer, Eizmendi as president and chief operating officer, Alberto M. de Larrazabal as senior vice president and chief finance officer-treasurer-comptroller, Jose Y. Feria as corporate secretary, Lorenzo G. Timbol as assistant corporate secretary, and Francis H. Jardeleza as senior vice president-general counsel and assistant corporate secretary.

SMC reported during its annual meeting a consolidated net income of P6.02 billion in 1999, an increase of 82 percent on a recurring basis from 1998 despite the overall and continued sluggishness in consumer demand. Income from operations rose 63 percent from P4.1 billion in 1998 to P6.7 billion in 1999 as a result of significant improvements in the company's international operations, better margins in the packaging business, gains from a revitalized distribution system, and the streamlining of San Miguel's business operations.

SMC declared a special one-time 25-centavo cash dividend for the first quarter of the year. The dividend is on top of the 25-centavo cash dividend which SMC also approved for the first quarter, bringing total dividends for the period of P1.12 billion. A total of P2.76 billion was paid in 1999, and 53 percent increase from the P1.18 billion dividends in 1998.

Cojuangco said this year, San Miguel will emphasize accelerating growth in revenue and shareholder returns. He expressed confidence that synergies established during the past two years, particularly those put in place between San Miguel's marketing and distribution groups, will enable the company to achieve higher volumes and propel gross domestic revenue by as much as 40 percent over the next two years.

San Miguel's growth plans are "as aggressive as ever, encompassing new markets, new customers and new products," Cojuangco stated. The company is concentrating on priorities, including new product development. Before the year is over, a number of new SMC product offerings similar to the San Mig Light and San Miguel Bravo Rum successfully introduced in 1999, can be expected as SMC generates excitement for its products and expands its market.