San Miguel Corp. (SMC) said Thursday it posted a 13-percent increase in consolidated revenues to P392.7 billion in the first quarter of 2024.
It attributed the growth to the performance of key businesses, including its spirits, food, power, fuels and infrastructure units, which reported significant volume growth on higher demand.
Operational efficiencies and strategic cost management led to a 15-percent rise in its operating income to P40.5 billion. EBITDA grew 8 percent to P54.8 billion.
It said that despite some global economic challenges, its net income grew 61 percent to P14.5 billion before accounting for foreign exchange adjustments. After these adjustments, net income remained steady at P8.9 billion.
“SMC’s performance for the first quarter sets a solid foundation for the remainder of the year. Our strategic business decisions and market leadership continue to drive sustainable value creation for our shareholders. With our diversified business model, we are optimistic that 2024 will sustain our history of growth,” SMC president and chief executive Ramon Ang said.
San Miguel Food and Beverage Inc. (SMFB) posted strong financial results in the first quarter of 2024, with consolidated operating income climbing 13 percent to P13.1 billion, fueled by increased sales in its food and spirits divisions.
Consolidated revenues went up 2 percent to P95.4 billion from the same period in the previous year, while net income rose 1% to nearly ₱10.0 billion.
Its food business sustained top-line growth with consolidated sales reaching P43.0 billion, up 2 percent from a year ago, driven by higher volumes across most segments.
