SMC earnings climb 19% to P37 billion

November 13, 2024 | 12:00am

MANILA, Philippines — Earnings of diversified conglomerate San Miguel Corp. (SMC) rose by nearly a fifth in the nine months ending September on the back of strong revenue growth across its businesses.

SMC reported a 19-percent year-on-year expansion in its net income to P37.1 billion from January to September.

Revenues generated for the period grew by 11 percent to P1.2 trillion, fueled by higher sales volumes in its power, fuel and oil, food and spirits businesses.

SMC said the group’s strong performance demonstrated its ability to adapt to challenges and deliver consistent growth despite challenges such as typhoons and currency fluctuation.

“Our commitment to sustainable growth and responsible cost management is at the core of everything we do,” SMC chairman and CEO Ramon Ang said.

“Our strong results reflect our ability to run our businesses efficiently, seize growth opportunities and focus on building long-term value and excellence,” Ang said.

The robust nine-month performance of the group was led by San Miguel Food and Beverage Inc., which saw its net income increase by 11 percent to P30.4 billion, with sales reaching P291.1 billion.

Higher volumes boosted sales of San Miguel Foods, San Miguel Brewery Inc. and Ginebra San Miguel Inc. during the period.

For its power business, San Miguel Global Power Holdings Corp. sustained its strong performance as net income surged by 48 percent to P13.5 billion.

Despite a drop in net income to P7.1 billion from P9.5 billion in 2023, Petron Corp. delivered 12 percent higher revenues to P657.9 billion on sustained volume growth.

San Miguel Infrastructure, likewise, posted an eight-percent improvement in consolidated revenues to P27 billion in the first three quarters as a result of higher daily average traffic volume from all operating toll roads.

SMC’s cement business comprised of Eagle Cement Corp., Northern Cement Corp. and Southern Concrete Industries Inc. registered a three percent increase in volume despite a contraction in industry volume.