SMC income surges 66% to P33.5 billion

August 13, 2024 | 12:00am

MANILA, Philippines — The earnings of diversified conglomerate San Miguel Corp. (SMC) expanded by more than half in the first semester, boosted by higher revenues from strong performance across most business segments.

SMC’s net income, excluding unrealized foreign exchange effects, surged by 66 percent year-on-year to P33.5 billion.

With most business segments delivering strong results, SMC’s consolidated revenues rose by 15 percent to P789 billion.

“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 Ang said.

San Miguel Food and Beverage Inc. reported a four-percent improvement in consolidated sales during the first half to P192.9 billion, boosting net income by six percent to P20 billion.

Higher sales volume buoyed the revenues of both San Miguel Brewery Inc. and Ginebra San Miguel Inc., while San Miguel Foods maintained strong sales on key products such as Tender Juicy Hotdogs, Purefoods Luncheon Meat, Magnolia dairy and San Mig Coffee.

For its power business, the revenues of San Miguel Global Power Holdings Corp. reached P98.9 billion, up by 17 percent on the back of lower average realization price caused by an overall decline in fuel prices.

Petron sustained positive momentum by delivering a 21-percent jump in consolidated revenues to P444.5 billion in the first half.

With higher combined tollways daily average volumes, San Miguel Infrastructure also maintained its growth trajectory with revenues inching up by nine percent to P18.1 billion.

Meanwhile, SMC’s cement business composed of Eagle Cement Corp., Northern Cement Corp. and Southern Concrete Industries Inc. registered a six-percent decline in consolidated revenues to P19 billion due to lower average selling price in response to the influx of imported traded cement.

SMC said the decline in the business segment has been mitigated in part by stronger second quarter sales volume.