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Manila Bulletin devider Business devider The Stock Market devider San Miguel's growth outpaces expectations, driven by core businesses

San Miguel's growth outpaces expectations, driven by core businesses

Published Mar 17, 2025 09:13 am

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Diversified conglomerate San Miguel Corp. (SMC) reported a 22 percent growth in core net income to ₱52.3 billion last year, reflecting strong operational performance, even as its net income declined 18 percent to ₱36.7 billion due to foreign exchange adjustments.

In a statement, the firm said consolidated revenues grew nine percent to ₱1.6 trillion in 2024, driven by higher sales volumes across its core businesses.

Growth was led by power, spirits, and fuel and oil, while beer and infrastructure also made solid contributions.

Consolidated operating income rose 11 percent to ₱160.8 billion, supported by margin improvements in power, food and beverage, and infrastructure and cost management initiatives across all business units. Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 10 percent to ₱225.9 billion.

“Our strong 2024 performance reflects strategic growth, operational efficiency, and disciplined execution. We remain focused on strengthening and making our businesses more efficient while driving sustainability and long-term growth,” said SMC Chairman and CEO Ramon S. Ang.

San Miguel Food and Beverage Inc. (SMFB) posted solid growth in 2024, with consolidated sales up six percent to ₱400.9 billion, primarily driven by higher volumes and market expansion initiatives. Net income increased seven percent to ₱40.9 billion.

San Miguel Global Power Holdings Corp. (SMGP) delivered a strong performance in 2024, with revenues up 21 percent to ₱205.1 billion, driven by a 45 percent rise in offtake volume to 36.6 million megawatt-hours (MWh), partially offset by lower average realized prices due to declining pass-through coal prices.

Secured power supply agreements (PSAs), new retail electricity supplier (RES) customers for Limay power plant, additional battery energy storage system (BESS) ancillary services, and the commercial operations of Mariveles power plant units 1, 2, and 3 supported robust growth.

Operating income and EBITDA grew 24 percent and 27 percent to ₱40.5 billion and ₱55.5 billion, respectively. Net income increased 25 percent to ₱12.4 billion.

Petron Corp. reported ₱868 billion in revenues for 2024, up eight percent from ₱801 billion in 2023, as sales volume grew 10 percent to 139.9 million barrels.

Operating income remained steady at ₱29.2 billion, while net income declined 16 percent to ₱8.5 billion, but the company continued to remain profitable, demonstrating resilience amid these industry challenges.

San Miguel Infrastructure continued its steady growth in 2024, with revenues rising seven percent to ₱37.5 billion. Average daily traffic grew two percent to 1.03 million vehicles, supported by the continued ramp-up of its toll roads.

Operating income increased 12 percent to ₱20.3 billion, while EBITDA rose eight percent to ₱29.7 billion, maintaining a healthy 79 percent margin.

SMC’s cement business—which includes Eagle Cement Corp., Northern Cement Corp., and Southern Concrete Industries Inc.—reported a six percent decline in net sales to ₱34.9 billion.

A three percent increase in sales volume helped offset the impact of lower average selling prices due to the influx of imported traded cement.

Despite the revenue decline, operating income grew 10 percent to ₱6.6 billion, driven by effective cost control measures. EBITDA rose one percent to ₱9.7 billion, with EBITDA margin improving from 26 percent to 28 percent.

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Ramon S. Ang San Miguel Corporation
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