San Miguel income soars to P44.7 billion in 2023

MANILA, Philippines — Diversified conglomerate San Miguel Corp. (SMC) expects to sustain its growth momentum this year after earnings soared in 2023 on the back of significant volume growth across its key businesses.

SMC’s net income amounted to P44.7 billion in 2023, 67 percent higher than the previous year.

Earnings before interest, income tax and depreciation (EBITDA) grew by 24 percent to P205.3 billion while operating income jumped by 34 percent to P144.5 billion behind strategic focus on operational efficiencies and sustainability initiatives.

“We had a strong finish to 2023, which was marked by a healthy operating income and EBITDA, thanks to our continuous efforts to maximize operational efficiencies, aligned with our sustainability agenda,” SMC president and CEO Ramon S. Ang said.

“Our robust performance again reflects our resilience and ability to deliver a strong bottom line despite macroeconomic uncertainties and our commitment to continue investing on nation-building projects,” Ang added.

Despite continuing market uncertainties, SMC said it remains confident in its ability to efficiently manage its business and continue to deliver sustainable value.

Supported by its optimism in the country’s robust macroeconomic fundamentals and its strategy anchored on the company’s sustainability agenda, SMC expects to sustain its growth momentum this year.

SMC sees its food and beverage business continuing its growth trajectory, aided by a positive consumer demand, favorable inflationary environment and strong brand following.

In 2023, San Miguel Food and Beverage Inc. generated a six-percent improvement in revenues at P379.8 billion on the back of improved volumes and pricing strategies.

SMC, likewise, sees sustained growth trajectory for its infrastructure business, with continued traffic growth across its network, along with increased travel throughout the country.

Growth across all operating toll roads enabled SMC Infrastructure to post consolidated revenues of P34 billion in 2023, 17 percent higher than the previous year.

Meanwhile, with its increased capacity, SMC said the cement business is expected to benefit from both private and public sectors’ push for economic and infrastructure development.

SMC’s cement business registered a four-fold growth in consolidated revenues to P37.2 billion in 2023, powered by the full year consolidation of Eagle Cement and the start of commercial operations of its new facility in Davao del Sur.