Diversified conglomerate San Miguel Corporation posted a strong recover in the first quarter of 2021 with net income amounting to P17.2 billion, 15 times better than the P1.1 billion it earned in the same period last year.

In a statement, the firm said almost all its major businesses saw significant recoveries in the first three months, led by Petron Corporation and San Miguel Foods. Ginebra San Miguel Inc. and SMC Global Power likewise registered strong growth.

“We’re encouraged by these improvements, as they reflect that our businesses are definitely headed towards full recovery. ,” said SMC President and COO Ramon S. Ang.

He noted that, “Despite the challenges ahead, we’re determined to sustain our performance and continue taking on meaningful projects and investments that will help our economy recover.”

Consolidated revenues for the first quarter of 2021 amounted to P201.2 billion, down by 6 percent versus the comparable period in 2020, as volumes of Petron, San Miguel Brewery and SMC Infrastructure were still affected by prevailing restrictions.

However, this was still an improvement from the decline in the first quarter and full year 2020 at 15 percent and 29 percent, respectively.

With lower raw material costs and effective cost saving efforts, consolidated operating income reached P32.2 billion, a 175 percent surge from the previous year. EBITDA ended at P41.0 billion, up 52 percent from the first quarter of last year.

San Miguel Food and Beverage, Inc.’s first quarter consolidated net income rose 66 percent to P9.7 billion due to sustained all-time high volumes from the Spirits division and higher sales from the Food and Beer divisions.

San Miguel Brewery, Inc. recorded a 45 percent hike in consolidated net income to P5.5 billion while Ginebra San Miguel Inc. achieved a net income of P1.0 billion for the first quarter, up 120 percent year-on-year--its highest ever in a single quarter.

San Miguel Foods contributed to SMC’s solid first quarter performance with consolidated revenues rising 9 percent to P36.2 billion due to the steady growth of its network of community resellers as well as newly launched products.

SMC Global Power Holdings Corp. reported revenues of P27.4 billion. The amount is slightly lower compared to last year’s results as off-take volumes of 6,344 Gwh declined by 5 percent.

This was mainly due to continuing quarantine restrictions and lower spot sales, which were mitigated by higher average realization prices. Net Income stood at P7.8 billion.

Petron Corporation bolstered its rebound with a reported net income of P1.7 billion, a significant reversal of its P4.9 billion net loss in the first quarter of last year.

SMC Infrastructure’s revenues for the first quarter stood at P4.3 billion, down 7 percent versus the same period last year. Operating income amounted to P1.2 billion, a decline of 33 percent year-on-year, resulting from lower revenues and higher operating expenses.