Diversified conglomerate San Miguel Corp. (SMC) reported that its net income surged fivefold to ₱66.8 billion in the first six months of 2025 from ₱13.6 million in the same period last year, mainly due to one-time gains and the strength of its food, beverages, power, and infrastructure businesses.

In a disclosure to the Philippine Stock Exchange, the firm said it saw broad-based gains, particularly across its food, beverage, infrastructure, and power businesses, highlighting the conglomerate’s strategic focus and sustained contribution to the Philippine economy.

Net income was also boosted by foreign exchange gains and a valuation uplift on its 33 percent residual investment in the Ilijan power facility and Excellent Energy Resources Inc. (EERI) facilities.

Excluding these one-off items, core profit rose nine percent to ₱36.7 billion, as most units delivered solid operational performance and maintained sound cost management.

Revenue declined nine percent to ₱718.2 billion, reflecting lower contributions from the Power group after the Ilijan and EERI deconsolidation, and softer crude prices in the Fuel and Oil segment. Strong performances from the Food, Spirits, and Infrastructure businesses helped offset the decline.

Operating income improved three percent to ₱87.7 billion, led by gains in Food, Spirits, and Infrastructure, and supported by margin expansion in the Power business. Consolidated EBITDA increased 11 percent year-on-year to ₱126.3 billion.

“Our first-half results reflect the resilience and adaptability of our diverse portfolio. By staying focused on efficiency, discipline, and strategic priorities, we have sustained our growth momentum and continued to contribute to our country’s progress,” said SMC Chairman and CEO Ramon S. Ang.

San Miguel Food and Beverage, Inc. (SMFB) reported first-half consolidated net income of ₱23.0 billion, up 15 percent from the previous year.

San Miguel Global Power’s revenues fell 19 percent to ₱80.1 billion, reflecting the impact of the Ilijan and EERI deconsolidation. The decline was partly cushioned by the full six-month contributions of new power facilities, and significant contributions from its battery energy storage systems (BESS) facilities.

Operating income of ₱22.1 billion was four percent lower due to the impact of the deconsolidation. EBITDA rose 14 percent to ₱34.4 billion while core income was higher at ₱12.6 billion.

Petron Corp. remained resilient amid market challenges, posting a net income of ₱5.3 billion for the first half of the year as revenues reached ₱386.4 billion, down 13 percent from the same period last year, mainly due to lower international oil prices and decreased volumes from its trading operations in Singapore.

SMC’s Cement business, which includes Eagle Cement, Northern Cement, and Southern Concrete Industries, generated consolidated net sales of ₱17.8 billion, down six percent from the comparable period last year, due to lower sales volumes and weaker average selling prices.

The decline was brought about by heightened competition amid the continued influx of imported traded cement, even as market demand also softened. EBITDA was down three percent to ₱5.2 billion while operating income fell 12 percent to ₱3.5 billion.

SMC Infrastructure registered a seven percent growth in revenues to ₱19.9 billion in the first half, on the back of a continued increase in average daily traffic at all its operating toll roads.

EBITDA and operating income grew by eight percent and 13 percent to ₱15.8 billion and to ₱11.1 billion, respectively, supported by effective operational management and cost control.