San Miguel nets P36.7B, sustains P1-T revenues
Despite higher sales in its core businesses, the earnings of conglomerate San Miguel Corp. (SMC) slipped by 18 percent to P36.7 billion last year due to foreign exchange adjustments and a still weak cement unit.
Excluding nonrecurring items, SMC’s core net income jumped by 22 percent to P52.3 billion on higher sales volumes across most of its businesses.
The 2024 earnings reported by SMC included those attributable to noncontrolling equity interest at the parent conglomerate.
Revenues moved past the P1-trillion mark for the third consecutive year, as SMC’s top line gained 9 percent to P1.6 trillion.
“We remain focused on strengthening and making our businesses more efficient, while driving sustainability and long-term growth,” SMC chair and CEO Ramon S. Ang said in a statement on Monday.
Broken down per segment, San Miguel Food and Beverage booked a 6-percent growth in sales to P400.9 billion on higher volumes and market expansion. Its bottom line likewise rose by 7 percent to P40.9 billion.
High demand for Purefoods Tender Juicy Hotdogs, Magnolia dairy and San Mig Coffee resulted in a 3-percent growth in the revenues of San Miguel Foods.
Cost efficiency measures offset the impact of typhoons on San Miguel Brewery Inc., whose sales rose by 4 percent to P153.4 billion.
Liquor maker Ginebra San Miguel Inc.’s sales swelled by 17 percent to P62.5 billion, driven by higher consumer demand and volume, which went up by a tenth to 50.6 million cases.
Power under San Miguel Global Power Holdings Corp. saw a 21-percent surge in revenues to P205.1 billion. This was on the back of a 45-percent jump in off-take volume to 36.6 million megawatt-hours, as more customers bought electricity.
Revenues of Petron Corp., which operates the country’s sole oil refinery in Bataan province, increased by 8 percent to P868 billion on the strong performance of domestic operations. Its Singapore-based trading subsidiary also contributed to growth, SMC said.
Combined sales volume in both markets reached 92.5 million barrels, up by 16 percent.
San Miguel Infrastructure, on the other hand, grew its revenues by 7 percent to P37.5 billion on a rise in daily traffic and gains from ramping up toll roads.
SMC’s cement business under Eagle Cement Corp., Northern Cement Corp. and Southern Concrete Industries Inc. continued to suffer from lower average selling prices as revenues dipped by 6 percent to P34.9 billion.
