Conglomerate San Miguel Corp. said Tuesday net income grew 18 percent in the first half of 2023 to P23.3 billion from a year ago, on sustained performance across businesses and contributions from recently-acquired Eagle Cement.
Consolidated revenues, however, went down by 4 percent to P685.2 billion as fuel subsidiary Petron Corp. continued to be affected by declining crude oil prices and San Miguel Global Power contended with lower volumes.
Consolidated operating income was up 5 percent at P69.9 billion, despite rising raw materials costs which continued to affect its other businesses.
“We’re greatly encouraged by the sustained growth we are seeing across most of our businesses. While there are challenges, we’re confident in the programs we have put in place to address them,” SMC president and chief executive Ramon Ang said in statement.
“We are also keeping our focus on executing on our projects, implementing our growth strategies, and providing our customers the high-quality service they expect from San Miguel,” Ang said.
San Miguel Food and Beverage Inc. booked consolidated revenues of P184.6 billion in the first six months, up 7 percent year-on-year, driven by better selling prices across its beer, spirits and food divisions.
Consolidated operating income dropped 13 percent to P23 billion, as the food division continued to face rising raw material costs.
Net income of power generation unit San Miguel Global Power Holdings Corp. reached P5.9 billion, more than four times higher than last year’s due partly to the appreciation of the peso this year.
Consolidated operating income rose 8 percent to P14.8 billion, on the back of better margins on its available net capacity.
Petron Corp. booked first-half net income of P6.14 billion, down 20 percent from last year’s P7.7 billion even as consolidated sales volume increased 12 percent to 57.61 million barrels.
SMC Infrastructure continued to deliver robust results as combined average daily traffic volumes across all its operating toll roads improved 13 percent to over 998,000 vehicles.
