Diversified conglomerate San Miguel Corporation (SMC) first-quarter earnings almost quintupled to ₱43.4 billion, surging by a sharp 388 percent from ₱8.9 billion a year earlier due to one-time gains from the partial sale of power assets and foreign exchange gains.

The firm said its core net income, excluding these non-recurring items, grew 31 percent to ₱19.0 billion, driven by disciplined cost management and solid performance in most of its core businesses.

Revenues declined eight percent to ₱360.9 billion, mainly due to weaker crude prices affecting the Fuel and Oil segment, and lower contributions from the Power business following the deconsolidation of the Ilijan Power Plant.

Stronger sales results from the Food, Hard Liquor, and Infrastructure units helped offset the decline.

Operating income rose 13 percent to ₱45.6 billion, supported by margin expansion across the Power, Food & Beverage, and Infrastructure segments. Consolidated EBITDA increased 17 percent year-on-year to ₱64.2 billion.

“We had a good start to the year. Despite some challenges, our businesses remained resilient and continued to perform well. We will keep moving forward, grow responsibly, and make sure more Filipinos benefit from the progress we are making,” said SMC Chairman and CEO Ramon S. Ang.

San Miguel Food and Beverage, Inc. (SMFB) reported consolidated revenues of ₱98.9 billion, a four percent increase year-over-year, resulting in a 16 percent rise in net income to ₱11.6 billion.

San Miguel Foods posted ₱46.3 billion in revenues, eight percent up on strong poultry sales and steady demand for processed meats and dairy, with net income growing by 83 percent to ₱3.0 billion.

San Miguel Brewery reported ₱36.3 billion in sales, with net income inching up one percent to ₱6.6 billion. Ginebra San Miguel generated ₱16.3 billion in revenues, also up eight percent, while net income grew 11 percent to ₱2.1 billion.

San Miguel Global Power posted ₱42.5 billion in revenues, down four percent year-on-year due to the deconsolidation of the Ilijan Power Plant. The decline was partly offset by strong contributions from its other power facilities and battery energy storage systems (BESS).

Reported net income reached ₱26.4 billion, including a ₱21.9 billion gain from the asset sale. Excluding the gain, net income was still up 188 percent to ₱4.5 billion.

Petron Corporation grew its net income by two percent to ₱4.0 billion, backed by strong domestic sales, steady operations, and improved margins. Revenues declined to ₱194.4 billion from ₱227.6 billion a year earlier, mainly due to lower crude prices and softer export sales.

SMC Infrastructure reported a seven percent rise in first-quarter revenues, driven by the continued growth of its toll road operations. EBITDA rose six percent, with margins steady at 78 percent.

SMC’s Cement business—including Eagle Cement, Northern Cement, and Southern Concrete Industries—reported consolidated revenues of ₱8.9 billion, down four percent year-on-year due to lower average selling prices amid heightened competition from imports and soft demand.

Despite these challenges, the group posted a one percent increase in sales volume. Operating income stood at ₱1.6 billion, while EBITDA declined five percent to ₱2.5 billion.