Conglomerate San Miguel Corp. said Thursday recurring net income rose 11 percent in 2017 to P54.6 billion from P49.35 billion in 2016, on the back of strong growth of oil unit Petron Corp. and food and beverage businesses.
San Miguel said in a statement consolidated revenues jumped 21 percent in 2017 to P826 billion from 2016, as sales across all businesses continued to grow.
Consolidated operating income increased 11 percent last year to P111 billion from P99.7 billion in 2016.
Beer unit San Miguel Brewery Inc. posted a net income of P20.7 billion, up 17 percent from a year earlier, as sales climbed 17 percent to P113.3 billion.
Volumes reached 260 million cases, up 13 percent from 2016, driven by favorable economic conditions and SMB’s strong marketing and integrated sales initiatives.
Ginebra San Miguel Inc. also reported strong results for the fourth straight year, with net income rising 67 percent to P602 million while net sales rose 12 percent to P20.9 billion.
Volume went up 10 percent to 27.7 million cases with flagship brand Ginebra San Miguel and Vino Kulafu both continuing to post double-digit growth.
San Miguel Pure Foods Co. Inc. recorded a 16-percent growth in net income to P6.9 billion as consolidated revenues improved 5 percent to P117.4 billion.
Packaging unit San Miguel Yamamura Packaging Group reported P32.1 billion in revenues, a 17-percent increase over the previous year while operating income grew 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.
Petron posted a phenomenal year, registering net income of P14.1 billion, up 30 perfect from P10.8 billion in 2016, as a result of continued focus on high-value segments and strong sales volume from both Philippines and Malaysian operations.
Petron’s consolidated revenues reached P434.6 billion, up 26 percent from 2016’s P343.8 billion.