SMC income more than doubles to P31.2 billion in 9 months

MANILA, Philippines — Food-to-infrastructure conglomerate San Miguel Corp. (SMC) more than doubled its earnings in the nine months to September on the back of strong performances of its key subsidiaries.

From January to September, SMC’s net income surged by 141 percent to P31.2 billion.

Improvements across its fuel and oil, beverages, packaging, infrastructure, and cement businesses boosted operating income to P110.2 billion, up by 29 percent year-on-year.

Revenues, however, slipped by five percent to P1.1 trillion due to lower selling prices from Petron, along with a decrease in sales volumes for San Miguel Foods and San Miguel Global Power.

“SMC’s resilient performance in the face of economic challenges is very encouraging. Our achievements highlight our consistent focus on quality and strategic business growth. We remain dedicated to delivering exceptional service to our customers while contributing to broader national initiatives,” SMC president and CEO Ramon Ang said.

San Miguel Food and Beverage Inc. recorded a six percent increase in consolidated revenue to P276.7 billion in the nine-month period on the back of improved selling prices across its beer, spirits and food divisions.

San Miguel Global Power Holdings Corp., on the other hand, posted a turnaround in its consolidated net income to P9.1 billion from a P2.6 billion net loss in the same period last year due to lower foreign exchange revaluation.

For SMC’s fuel and oil business, Petron ended the period with a net income of P9.5 billion, 16 percent higher year-on-year, driven by sales volume growth.

SMC Infrastructure, meanwhile, reached the one-million mark in combined average daily traffic volume across all its operating toll roads for the first time, pushing revenue to a 20 percent year-on-year jump to P25.1 billion.

SMC’s cement business, composed of Eagle Cement Corp., Northern Cement Corp. and Southern Concrete Industries Inc., swung to an operating income of P4.6 billion from a P19 million operating loss last year as revenue soared by 255 percent to P28.9 billion.