Conglomerate San Miguel Corp. said net income surged 80 percent in 2016 to P52 billion from P28.9 billion in 2016, as most of its units delivered strong growth.
San Miguel said in a disclosure to the stock exchange net sales in 2016 went up 2 percent to P685.3 billion from P672.2 billion a year ago, while income from operations rose 24 percent to P99.6 billion.
San Miguel chief finance officer Francisco Constantino earlier said 2016 was a good year for the company, led by various factors including election-related spending, good weather condition, stable interest rate and low inflation rate.
The conglomerate also booked a one-time gain in 2016 from the sale of its telecommunication business to PLDT Inc. and Globe Telecom.
Constantino said he expected 2017 to be another good year for San Miguel.
The conglomerate’s beer unit, San Miguel Brewery Inc., posted a 31-percent hike in 2016 net income to P17.6 billion, as sales increased 18 percent to P97.1 billion.
Ginebra San Miguel Inc. also posted a P361-million net income, a sharp reversal from the P386-million net loss in 2016. Sales grew 12 percent in 2016 to P18.5 billion.
San Miguel Purefoods Co. Inc., the conglomerate’s food manufacturing unit, booked net income of P5.97 billion, up 26 percent from a year ago as sales went up 4 percent to P111.5 billion.
“We’re very encouraged by the company’s strong performance in 2016 and we are determined to build on this momentum by investing in our brands and innovation to drive long-term profitable growth and enhance shareholder value,” said San Miguel president Ramon Ang.
San Miguel’s packaging unit posted net sales of P27.3 billion, an increase of 9 percent from 2015 level while power unit SMC Global Power Holdings Corp. booked net sales of P77.9 billion in 2016, an increase of 1 percent from 2015.
Petron Corp., its oil unit, delivered a strong performance in 2016 with net income growing 73 percent to P10.8 billion, despite a 5-percent decline in revenues to P343.8 billion.
Infrastructure unit San Miguel Holdings Corp. posted sales of P19.8 billion, up 13 percent from P17.6 billion while income from operations rose 6 percent to P9.8 billion.
