EconomyEditor's PickSan Miguel income rises to P43.5B as sales climb

November 14, 2022

RISING demand for the past nine months has fueled a 26.5% core profit rise for San Miguel Corp. (SMC) to P43.5 billion from P34.4 billion last year, the diversified conglomerate said on Monday.

“The continuing increase in demand for our products and services has been very encouraging despite the challenging business environment,” SMC President and Chief Executive Officer Ramon S. Ang said in a press release.

“This inspires us to continue with our efforts and to remain focused on achieving full recovery,” he added.

For nine months through September, SMC posted consolidated revenues of P1.1 trillion, up 71% from its showing a year ago. Consolidated operating income climbed 24% to P108.5 billion, which the firm attributed to the strong performances of its business segments.

The company has yet to disclose comparative figures for the third quarter.

BUSINESS SEGMENTSSan Miguel Food and Beverage, Inc. (SMFB) saw a 9% increase in net income to P26.3 billion for the nine-month period after an 18% rise in consolidated revenues to P261.5 billion due to volume growth and better prices across its beer, spirits, and food divisions. Its nine-month consolidated operating income grew 15% to P37.6 billion.

San Miguel Brewery, Inc. posted a net income of P16.2 billion, higher by 15% than that of last year. Its consolidated revenues reached P99 billion, a 21% increase over last year.

Ginebra San Miguel, Inc.’s net income rose by 7% to P3.4 billion, while its revenues grew by 12% to P34.5 billion. Its top-line and bottom-line growth were driven by higher volumes, which rose by 8% to 32.6 million cases.

San Miguel Foods’ net income declined by 2% to P7.4 billion as it was hit by foreign exchange movements. Its consolidated revenues were 18% higher at P128 billion as almost all of its businesses posted double-digit growth.

SMC Global Power Holdings Corp.’s operating income declined by 28% to P20.5 billion despite recording a 77% increase in consolidated revenues to P166.1 billion, which “was supported by volume growth and increase in average bilateral rates.”

Offtake volumes of SMC Global rose by 4% to 21,336 gigawatts per hour, which it attributed to an “increase in demand from distribution utilities.”

Petron Corp.’s consolidated net income was 64% higher at P8.2 billion, while its consolidated revenues more than doubled to P631.1 billion.

The sales volume of Petron and its subsidiaries reached 80.4 million barrels, higher by 37% than last year’s. Local sales volumes alone grew by 40%.

In infrastructure, SMC’s toll roads registered a 57% increase in revenues to P20.9 billion due to a 31% jump in traffic volume. Operating income from the infrastructure business climbed to P10.1 billion.

On Monday, SMC shares rose by 1.04% or a peso to close at P97 apiece. — Justine Irish D. Tabile

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