Diversified conglomerate San Miguel Corporation (SMC) reported a 19 percent increase in net income to P37.1 billion in the first nine months of 2024, compared to P31.2 billion in the same period last year, driven by strong revenue increases across its diverse businesses.

In a statement, the company noted that consolidated revenues grew by 11 percent to P1.2 trillion, up from P1.1 trillion during the first three quarters of 2023, despite challenges such as typhoons and currency fluctuations. The strong performance was primarily fueled by higher sales volumes in its Power, Fuel and Oil, Food, and Spirits sectors.

“Our commitment to sustainable growth and responsible cost management is at the core of everything we do. Our strong results reflect our ability to operate our businesses efficiently, seize growth opportunities, and focus on building long-term value and excellence,” said SMC Chairman and CEO Ramon S. Ang.

Operating income also increased by 11 percent, with improved profitability in the Food, Spirits, and Infrastructure sectors offsetting lower refining margins in the Fuel & Oil business. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by nine percent to P168.1 billion.

Overall, SMC's strong performance demonstrated its ability to adapt to challenges and deliver consistent growth.

San Miguel Food and Beverage, Inc. (SMFB) achieved solid financial results in the first nine months, with growth across all business segments. Consolidated sales rose by five percent from last year, reaching P291.1 billion. Income from operations increased by 15 percent to P39.9 billion, while consolidated net income rose by 11 percent to P30.4 billion.

San Miguel Brewery Inc. reported consolidated revenues of P111.2 billion, a three percent increase attributed to higher volumes. Domestic sales amounted to P99.1 billion, while international sales reached $212.4 million. The Beer segment's EBITDA totaled P28.9 billion, with expected growth momentum through targeted initiatives.

Ginebra San Miguel Inc. (GSMI) experienced a strong 17 percent increase in sales to P45.6 billion, driven by higher prices and volumes. Operating income also rose, with EBITDA reaching P7.1 billion.

San Miguel Global Power Holdings Corp. (SMGP) maintained its strong performance, reporting a 57 percent increase in off-take volumes. This growth was supported by new capacity, leading to a 23 percent rise in consolidated revenues, which reached P153.6 billion. Operating income and EBITDA saw significant growth of 43 percent and 37 percent, respectively, while net income surged by 48 percent to P13.5 billion.

Petron Corporation reported a 12 percent increase in consolidated revenues to P657.9 billion, driven by consistent volume growth of 12 percent to 104.4 million barrels, up from 93.6 million barrels in 2023, despite challenges in the international oil market. However, strong volume and sales performance were impacted by a correction in refining margins, which caused a decline in net income from P9.5 billion in 2023 to P7.1 billion.

San Miguel Infrastructure delivered steady growth, with consolidated revenues of P27.0 billion in the first nine months, an eight percent increase compared to the same period last year. The combined average daily traffic volume from all operating toll roads rose by two percent, reaching 1.02 million vehicles, resulting in an eight percent increase in both operating income and EBITDA to P14.6 billion and P22.0 billion, respectively.

SMC’s cement business, comprising Eagle Cement Corporation, Northern Cement Corporation, and Southern Concrete Industries, Inc., reported a three percent increase in volume for the nine-month period, despite an industry contraction of about 2.3 percent. 

However, consolidated revenues for the same period dipped by six percent to P27.0 billion due to lower selling prices, influenced by the influx of imported traded cement. Despite this decline in revenue, operating income grew by 16 percent, supported by lower input costs and enhanced operational efficiencies. EBITDA increased by nine percent to P7.6 billion, with the margin expanding to 28 percent.