San Miguel Corp. (SMC) said Monday its nine-month net income surged 141 percent to P31.2 billion from the same period last year.
It said the growth was driven by the exceptional performance of key subsidiaries Petron Corp, San Miguel Brewery Inc. (SMB), Ginebra San Miguel Inc. (GSMI), SMC Infrastructure and Eagle Cement Corp. (Eagle).
Consolidated operating income reached P110.2 billion, a 29-percent year-on-year growth that reflected performance improvements across its fuel and oil, beverages, packaging, infrastructure and cement businesses. SMC’s power and food businesses, while still tracking below last year levels, started to show improvements in the third quarter.
Consolidated revenues slightly decreased by 5 percent to P1.1 trillion on lower selling prices from Petron along with a decrease in sales volumes for San Miguel Foods (SMF) and San Miguel Global Power (SMGP). This was partly offset by higher sales in other businesses.
Consolidated EBITDA amounted to P154.2 billion, up 22 percent versus last year.
“SMC’s resilient performance in the face of economic challenges is very encouraging. Our achievements highlight our consistent focus on quality and strategic business growth. We remain dedicated to delivering exceptional service to our customers while contributing to broader national initiatives,” SMC president and chief executive Ramon Ang said.
