By James A. Loyola
Diversified conglomerate San Miguel Corporation (SMC) reported that its consolidated recurring net income was almost flat at P55.2 billion last year even as it reached the P1 trillion revenue mark in 2018.
In a statement, the firm said revenues were powered by strong performances from all its key businesses –food, beverage, packaging, fuels and petrochemicals, power and infrastructure.
Consolidated revenues reached P1.02 trillion, up 24 percent from the previous year while consolidated operating income increased 5 percent to P117.1 billion. The conglomerate’s consolidated EBITDA also rose 7 percent to P157.9 billion.
Income growth for the conglomerate was tempered by the sharp decline in crude prices resulting in inventory losses for its fuels and petrochemical business during the fourth quarter of 2018.
This was compounded by forex translation losses for the year.
San Miguel Food and Beverage, Inc. recorded consolidated revenues of P286.4 billion, 14% percent higher than the P251.6 billion reported in 2017, propelled by higher volumes and revenues.
SMC Global Power Holdings Corp. posted consolidated off-take volume growth of 39% in 2018 due to additional generation from the Limay, Malita and Masinloc power plants and better contributions from the Ilijan and San Roque power plants.
Consolidated revenues stood at P120.1 billion, a 45 percent increase from the P82.8 billion posted in 2017.
Petron Corporation’s combined revenues from the Philippines and Malaysia amounted to P557.4 billion, up 28 percent from the P434.6 billion. Net income stood at P7.1 billion, down 50 percent from 2017 level mainly due to inventory losses incurred in November and December.
SMC Infrastructure’s consolidated revenues reached P24.5 billion, up 9 percent versus the previous year as vehicular volume at all operating toll roads continue to grow.