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Manila Bulletin devider Business devider The Stock Market devider San Miguel profit jumps 66% to P33.5 billion

San Miguel profit jumps 66% to P33.5 billion

Published Aug 12, 2024 10:11 am

Diversified conglomerate San Miguel Corporation (SMC) reported a 66 percent surge in net income to P33.5 billion although this excludes unrealized foreign exchange effects.

In a disclosure to the Philippine Stock Exchange, the firm said this robust growth demonstrates its financial health and ability to generate strong profits. 

While it did not yet disclose its consolidated net income, SMC said its consolidated revenues improved 15 percent year-on-year (YoY) to reach P789.0 billion. 

This growth was driven by strong performance across most business segments, including Petron Corporation, San Miguel Global Power, San Miguel Infrastructure, San Miguel Foods, and Ginebra San Miguel Inc.

Operating income expanded by 22 percent to P85.1 billion supported by improved margins in the Power business and reduced raw material costs in the Food business. 

“Our strong first semester performance shows the resilience of our businesses even in a challenging market. We expect this positive momentum to continue throughout the year and deliver sustained value to all our stakeholders,” SMC Chairman and CEO Ramon S. Ang said. 

San Miguel Food and Beverage, Inc. (SMFB) reported that its net income improved six percent to P20 billion as San Miguel Brewery Inc. posted an operating income of P15.9 billion.

Ginebra San Miguel Inc. reported an operating income growth of 31 percent to P4.4 billion while San Miguel Foods saw its operating income doubling to P6.4 billion.

San Miguel Global Power Holdings Corporation posted a 45 percent jump in EBITDA to P30.1 billion, reflecting improved margins from contracted volumes and contribution of higher-margin ancillary service from BESS.

Petron delivered an eight percent growth in  consolidated operating income to P17.3 billion while net income ended at P6.0 billion.

San Miguel Infrastructure maintained its growth trajectory, with operating income increasing eight percent to P9.7 billion. EBITDA likewise expanded nine percent to P14.7 billion, with a healthy margin of 81 percent. 

SMC's Cement Business —comprised of Eagle Cement Corporation, Northern Cement Corporation and Southern Concrete Industries, Inc.— grew its operating income by 31 percent to nearly P4.0 billion on the back of cost reductions and operating efficiencies. EBITDA rose 18 percent to P5.4 billion.
 

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Ramon S. Ang San Miguel Corp. (SMC)
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