Conglomerate San Miguel Corp. (SMC) on Monday said its income in January to September more than doubled to P31.2 billion from the previous year’s P12.94 billion.
The company said its growth came from its core units Petron Corp., San Miguel Brewery Inc., Ginebra San Miguel Inc., SMC Infrastructure and Eagle Cement Corp.
San Miguel said its power and food businesses, while still below last year levels, has started to show improvements in the third quarter.
Consolidated revenues declined by 5 percent to P1.06 trillion from the previous year’s P1.11 trillion due to lower selling prices from Petron along with a decrease in sales volumes for San Miguel Foods and San Miguel Global Power, but this was partly offset by higher sales in other businesses.
“SMC’s resilient performance in the face of economic challenges is very encouraging. Our achievements highlight our consistent focus on quality and strategic business growth. We remain dedicated to delivering exceptional service to our customers while contributing to broader national initiatives,” San Miguel President and CEO Ramon S. Ang said.
San Miguel Food and Beverage Inc. maintained its growth momentum in the third quarter, as it recorded a 6-percent increase in consolidated revenue to P276.7 billion in the nine months. This is due to improved selling prices across its beer, spirits and food divisions.
San Miguel Global Power Holdings Corp. recorded a consolidated net income of P9.08 billion, a reversal of last year’s P2.63 billion in net loss, due to lower foreign exchange revaluation.
Consolidated operating income improved 1 percent year-on-year to P23.3 billion, as margins improved as a result of declining average coal prices and lower overall power purchases.
The company said it recorded a 19-percent decline in consolidated off-take generation volumes for the nine-month period, still as a result of the extended outage of the 1,200 MW Ilijan Power Plant from June 2022 to June 2023. The facility underwent retrofitting to improve its efficiency and reliability while awaiting substantial completion of an adjacent full-scale LNG terminal that will receive, store and re-gassify LNG fuel.
Refiner Petron’s net income reached P9.5 billion, 16 percent higher than the P8.17 billion it reported a year earlier.
For the first time, SMC Infrastructure reached the million mark in combined average daily traffic volume across all its operating toll roads rising 11 percent from last year.
Consolidated revenues increased 20 percent to P25.1 billion from P20.87 billion last year.
The cement business, composed of Eagle Cement, Northern Cement Corp. and Southern Concrete Industries Inc., generated nine-month consolidated revenues of P28.9 billion, more than three times higher than last year, mainly due to the consolidation of Eagle in 2023.
The group swung to an operating income of P4.6 billion, coming from an operating loss of P19 million last year.