SMC's 9-month profit soars 141% to P31.2 B
San Miguel Corporation's (SMC) net income for the nine-month period of 2023 soared 141 percent to P31.2 billion from P12.9 billion recorded in the same period last year driven by performance growth across its key subsidiaries.
These subsidiaries include Petron Corporation, San Miguel Brewery Inc. (SMB), Ginebra San Miguel Inc. (GSMI), SMC Infrastructure, and Eagle Cement Corporation (Eagle).
In a statement, the corporation’s consolidated revenues slightly dipped by five percent but still at P1.1 trillion, same as the nine-month period in 2022.
The decrease in revenues was attributed to lower selling prices from Petron and lower sales volumes for San Miguel Foods (SMF) and San Miguel Global Power (SMGP).
Its consolidated operating income was also 29 percent higher to P110.2 billion this year due to improvements in the Fuel and Oil, Beverages, Packaging, Infrastructure, and Cement businesses.
Meanwhile, its consolidated earnings before income, tax, depreciation, and amortization (EBITDA ) was up 22 percent to P154.2 billion.
“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,”said SMC President and CEO Ramon S. Ang.
In terms of business segments, the San Miguel Food and Beverage Inc. (SMFB)’s net income saw a four percent increase to ₱27.5 billion, with a six percent increase in revenues to P276.7 billion due to improved selling prices in Beer, Spirits, and Food divisions.
SMB's net income inched up four percent to P27.5 billion, with a nine percent higher revenue to ₱108.3 billion, attributed to four percent and nine percent higher domestic volumes and international operations respectively, along with higher selling prices.
Meanwhile, GSMI's net income rose 62 percent to P5.5 billion and revenues grew 13 percent to ₱38.9 billion.
San Miguel Food’s net income reached P3.2 billion, while its consolidated revenues inched up by one percent to P129.4 billion as the group contends with rising inflation and high costs of raw materials.
San Miguel Global Power Holdings Corp.’s consolidated net income increased by four times to P9.1 billion from last year’s level to ₱9.1 billion due to lower foreign exchange revaluation.
Petron’s consolidated net income is 16 percent higher this year to P9.5 billion, however its revenues were down by seven percent to P587.3 billion as prices corrected from their elevated levels during the Russia-Ukraine conflict in 2022. Sales volume did grow 16 percent to 93.6 million barrels sold this year.
SMC Infrastructure reached the million mark in combined average daily traffic volume across all its operating toll roads. Consolidated revenues increased 20 percent to P25.1 billion.
Moreover, Eagle, Northern Cement Corporation and Southern Concrete Industries Inc., generated a massive surge of 255 percent in nine-month consolidated revenues to P28.9 billion due to the consolidation of Eagle in 2023.