Conglomerate San Miguel Corp. (SMC) said Monday its first-half net income surged 66 percent to P33.5 billion on strong sales from core businesses.
SMC said in a statement consolidated revenues reached P789 billion, up 15 percent from the same period last year.
It said the growth was driven by strong performance across most business segments, including Petron Corp., San Miguel Global Power, San Miguel Infrastructure, San Miguel Foods and Ginebra San Miguel Inc.
Operating income expanded 22 percent to P85.1 billion, supported by improved margins in the power business and reduced raw material costs in the food business.
“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 chief executive Ramon Ang said.
San Miguel Food and Beverage Inc. (SMFB) reported strong results in the first half of 2024, driven by continued business growth. Net income rose 6 percent to P20 billion, as consolidated sales increased 4 percent to P192.9 billion. Income from operations grew 16 percent to P26.6 billion.
Consolidated revenues of San Miguel Brewery Inc. inched up by 1 percent to P75.1 billion, driven by improved sales volume in the second quarter.
The company expects stronger performance in the second half of 2024, supported by targeted sales initiatives and increased focus on specific channels.
Ginebra San Miguel Inc. reported an 18-percent sales increase to P30 billion, led by a 10-percent volume growth, along with effective marketing campaigns, new products and expanded distribution.
Despite rising costs, operating income rose 31 percent to P4.4 billion, demonstrating strong brand performance and supply chain efficiency.
San Miguel Foods saw a 3-percent sales increase to P87.8 billion, driven by the double-digit revenue growth.
The group’s power unit San Miguel Global Power Holdings Corp.’s registered first-half revenues of P98.9 billion, up 17 percent year-on-year amid a lower average realization price caused by an overall decline in fuel prices.
San Miguel Infrastructure maintained its growth trajectory, with a 9-percent revenue growth in revenues to P18.1 billion, lifted by a 4-percent growth in combined tollways daily average volumes which ended at 1.034 million vehicles. Operating income increased 8 percent to P9.7 billion.
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