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Manila Bulletin devider Business devider The Stock Market devider SMC posts P14.5 B Q1 profit

SMC posts P14.5 B Q1 profit

Published May 16, 2024 09:21 am

Diversified conglomerate San Miguel Corporation (SMC) reported that its net income surged 61 percent to P14.5 billion (before accounting for foreign exchange adjustments) in the first quarter of 2024 versus the same period last year. 

In a disclosure to the Philippine Stock Exchange, the firm said that after the forex adjustments, net income still remained steady at P8.9 billion despite some global economic challenges.

Diversified conglomerate San Miguel Corporation (SMC) reported that its net income surged 61 percent to P14.5 billion (before accounting for foreign exchange adjustments) in the first quarter of 2024 versus the same period last year. 

In a disclosure to the Philippine Stock Exchange, the firm said that, after the forex adjustments, net income remained steady at P8.9 billion despite some global economic challenges.

SMC delivered a 13 percent increase in consolidated revenues to P392.7 billion for the first quarter of 2024 attributed to the performance of key businesses, including its Spirits, Food, Power, Fuels, and Infrastructure units, which reported significant volume growth due to higher demand.

Operational efficiencies and strategic cost management have led to a 15 percent rise in its operating income to P40.5 billion. EBITDA grew by 8 percent to P54.8 billion.

RAMON-ANG-PHOTO2.jpg
SMC President and CEO Ramon S. Ang

"SMC's performance for the first quarter sets a solid foundation for the remainder of the year. Our strategic business decisions and market leadership continue to drive sustainable value creation for our shareholders. With our diversified business model, we are optimistic that 2024 will sustain our history of growth,” SMC President and CEO Ramon S. Ang said.

San Miguel Food and Beverage Inc. (SMFB) reported that its consolidated operating income climbed 13 percent to P13.1 billion, fueled by increased sales in its Food and Spirits divisions.

San Miguel Global Power Holdings Corp. (SMGP) saw a 7 percent increase in consolidated revenues to P44.1 billion. This was underpinned by the 71 percent increase in off-take volumes with Meralco and a new retail electricity supplier (RES) of Limay Power Plant.

Petron Corporation registered a 16 percent growth in net income to P3.9 billion across all business segments in its Philippine and Malaysian operations, bringing consolidated sales volume to 35.3 million barrels, 23 percent higher than the first quarter of 2023 which recorded 28.6 million barrels. 

Sales volume growth was supported by higher production at Petron’s refinery in Bataan and Port Dickson in Malaysia.

San Miguel Infrastructure sustained its strong performance from last year, achieving a 9 percent revenue growth for the first quarter of 2024. This was supported by a 3 percent increase in daily average volumes of its combined tollways. 

SMC’s cement business, which includes Eagle Cement Corporation, Northern Cement Corporation, and Southern Concrete Industries, Inc., reported consolidated revenues of P9.3 billion for the first quarter of 2024.

This represents a 10 percent decline from the same period last year, due to a significant drop in the average selling price of cement driven by increased competition from imported cement.
 

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