CONGLOMERATE San Miguel Corp. reported flat net income and sales last year, despite the plunge in profits of Petron Corp. and its food unit.
The company said its net income reached P48.57 billion, slightly down from the previous year’s P48.64 billion. Consolidated income from its operations fell 1 percent to P115 .71 billion from the previous year’s P117.08 billion.
Net sales were also flat at P1.02 trillion.
San Miguel Food and Beverage Inc.’s net income last year grew 6 percent to P32.28 billion from the previous year’s P30.55 billion, on the recovery of its food unit and strong beer sales.
Consolidated revenues rose 9 percent to P310.79 billion from the previous year’s P286.37 billion due to higher volumes and average selling prices across key products, the company said.
Its beer business continued to drive the company’s results as revenues grew 10 percent to P142.27 billion from P129.25 billion in the previous year due to higher domestic beer volumes.
“We continue to remain confident in the strength of the Philippine consumer and resilience of the economy. We believe we have the ability to overcome the challenges we now face as we continue to expand the breadth of our product offerings and reinforce our presence in markets. We remain focused on delivering the best products, and providing improved results to all our stakeholders,” Ramon S. Ang, the company’s president and CEO said.
SMC Global Power Holdings Corp. ended the year with consolidated offtake volume of 28,112 gigawatt hour, some 18 percent higher than in the same period last year.
This was the result of higher bilateral sales volumes and longer operating hours for the Sual and Ilijan power plants, it said.
The full year operation of Unit 2 of the Malita, Davao plant and Unit 3 of the Limay plant, along with added capacity from Unit 4 of Limay, also boosted the power unit’s performance.
Power revenues and operating income rose 12 percent and 8 percent to P135.1 billion and P36 billion, respectively. Net income was higher by 73 percent to P14.4 billion, the company said.
“Petron faced many challenges throughout the year: volatile international prices that resulted [in] significantly weaker margins, a major shutdown of its Bataan Refinery due to an earthquake, the implementation of the second tranche of the excise tax increase, and the continued proliferation of white stations,” the company said.
Petron’s consolidated revenues amounted to P514.4 billion, down 8 percent versus 2018 on account of lower average selling prices of fuels and a slight decline in consolidated volumes. Petron Malaysia’s domestic volumes grew 3 percent, helping offset the decline in domestic volumes.
Net income was settled at P2.3 billion, down 67 percent from the previous year’s P7.07 billion.
Meanwhile, SMC Infrastructure’s operating toll roads posted a combined 5-percent growth in vehicular traffic volume.