CONGLOMERATE San Miguel Corp. (SMC) said it posted a recurring income jump of 11 percent last year, mainly from the good performance of refiner Petron Corp.
The company said on Thursday its income rose to P54.65 billion, higher than the previous year’s P49.35 billion. The figures, however, do not include one-off gains from the sale of its telecommunications business and its foreign-exchange losses.
Consolidated revenues reached P826 billion, up 21 percent from 2016, as sales across all its businesses continued to grow, while consolidated operating income grew 11 percent to P111 billion, from P99.7 billion reported in the previous year.
San Miguel Brewery Inc.’s (SMB) revenues rose 17 percent to P113.3 billion as volumes reached 260 million cases, up 13 percent from the previous year, driven mainly by favorable economic conditions and SMB’s strong marketing and integrated sales initiatives.
Liquor unit Ginebra San Miguel Inc. reported strong results for the fourth straight year, generating sales volumes of 27.7 million cases for the year, a 10-percent increase over 2016.
Revenues reached P20.9 billion, a 12-percent increase from 2016, while operating income surged 43 percent to P1.4 billion. As a result, net income rose 67 percent to P602 million.
Food group San Miguel Pure Foods Co. Inc. posted consolidated revenues of P117.4 billion, 5 percent higher than the previous year, on the back of the strong performance of its poultry and fresh meats and value-added meats businesses.
Net income reached P6.9 billion, 16 percent higher than 2016.
San Miguel Yamamura Packaging Group reported P32.1 billion in revenues, a 17-percent increase over the previous year, as it continued to broaden its presence in the region in 2017.
This was driven mainly by continued growth in its Australian operations and higher sales from its glass, metal and plastics businesses. Operating income grew by 16 percent to P3 billion.
SMC Global Power Holdings Corp.’s consolidated revenues grew 6 percent to P82.8 billion, the result of higher realization prices from both bilateral and spot sales.
Operating income was 9 percent lower than the previous year at P24.3 billion, brought about by higher costs, lower bilateral volumes from Ilijan, and the sales of the Limay Cogen plant in 2016. With lower unrealized forex losses, net income significantly increased to P8.2 billion.