San Miguel Corp. said Thursday consolidated net income jumped 120 percent in 2021 to P48.2 billion, at par with pre-pandemic levels, as it continued to focus on sustainability and nation-building to help set the stage for a robust economic recovery
The conglomerate said group-wide revenues, driven by higher sales across major businesses, climbed 30 percent to P941.2 billion, while consolidated operating income rose 64 percent to P117.2 billion as a result of effective cost management and enhanced operational efficiencies.
Food and liquor businesses delivered strong recoveries, while fuel business registered a profit turnaround.
“Despite the pandemic challenges in 2021, we were able to execute well on our strategies to continue and strengthen our recovery. As we work to overcome the continuing difficulties of the current business environment, we remain committed to investing our resources and capabilities to help further boost economic recovery, improve the lives of more Filipinos, and build back better from this crisis,” SMC president and chief operating officer Ramon Ang said.
“We are confident we can accelerate growth while equally responding to the needs of the environment and the communities we serve,” said Ang.
San Miguel Food and Beverage Inc. registered consolidated revenues of P309.8 billion last year, up by 11 percent from 2020. The food, beer and spirits divisions all turned in solid results, supported by consistent volume recovery throughout the year.
Despite recurring pandemic lockdowns and liquor bans mandated in key trade areas in 2021, SMFB’s consolidated operating income rose 31 percent to P43.7 billion, while net income jumped 40 percent to P31.4 billion.
SMC Global Power Holdings Corp. delivered offtake volumes of 27,221 gigawatt-hours in 2021, a 4-percent improvement over 2020. Better average spot prices and average bilateral rates, together with increased nominations from customers, brought total revenues to P133.7 billion, up 16 percent from the previous year.
Operating income declined by 14 percent to P31.9 billion on higher power purchases and fuel costs. Net income of P16.0 billion– an 11-percent improvement over 2019—was still 15 percent down versus 2020’s P18.9 billion, which reflected a one-off gain in the form of a contractor compensation for unfulfilled obligations. Excluding the one-off gain in 2020, 2021 net income grew 5 percent.
Petron Corp. posted an exceptional turnaround from a P11.4-billion loss in 2020 to post a net income of P6.1 billion in 2021. Consolidated sales volumes grew 5 percent to 82.2 million barrels, as a result of the easing of restrictions and the gradual re-starting of economic activities which improved demand throughout the year.
Consolidated revenues rose 53 percent to P438.1 billion, while operating income reached P17.2 billion, also a significant turnaround from the P4.6 billion operating loss reported in 2020.
SMC Infrastructure generated revenues of P19.7 billion, a 35-percent increase from 2020 as traffic volume at its toll roads gradually recovered. Operating income surged 164 percent to P6.8 billion as costs and expenses were contained.
