Conglomerate San Miguel Corp. (SMC) reported a sharp increase in net income attributable to owners, surging to P39.1 billion in the first nine months of 2025 from P4.97 billion in the same period last year.
It said the substantial growth was led by a P21.93-billion one-time gain from the fair valuation of key power assets and improved performance across most major business units.
The one-time gains stemmed from a valuation uplift on SMC’s 33 percent residual investment in the Ilijan power facility and Excellent Energy Resources Inc. (EERI) facilities, according to a financial report filed with the Philippine Stock Exchange.
Despite the surge in attributable net income, the group’s nine-month consolidated sales fell 7 percent to P1.09 trillion on lower selling prices and volumes at Petron, reduced energy revenues following the deconsolidation of South Premiere Power Corp. (SPPC) earlier in the year and weaker cement sales.
These factors were offset by strong performances from the food division, Ginebra San Miguel Inc. (GSMI) and sustained growth in the infrastructure business.
San Miguel Global Power business saw revenues fall 23 percent to P118.80 billion due to the SPPC deconsolidation and lower coal prices. Operating income rose to P34.83 billion and net income surged 215 percent to P42.40 billion, boosted by the one-off valuation gain. Excluding the one-off gain, net income grew 52 percent.
Petron booked a net income of P9.56 billion, a 39-percent increase on lower crude premiums, stronger domestic volumes and improved refinery efficiency. Revenues for the segment, however, fell 10 percent to P594.9 billion.
Food and beverage unit San Miguel Food and Beverage posted consolidated revenues of P302.921 million, a 4-percent increase year-on-year. Consolidated net income stood at P33.6 billion, up 11 percent from the same period last year, while operating income rose by 12 percent to P44.66 billion.
Infrastructure business revenues rose 7 percent to P29.62 billion, with operating income climbing 12 percent to P16.68 billion, led by higher traffic and toll adjustments.
The packaging business posted consolidated revenues at P28.39 billion. Consolidated operating income reached P2.173 billion, a 4-percent increase due to implemented cost savings programs.
Cement revenues declined 6 percent to P25.53 billion, affected by lower prices and volumes amid an influx of cheaper imports.
SMC incurred a third-quarter net loss of P1.57 billion, compared to a P13.36-billion net profit posted in the same period last year, a result of lower revenues, a sharp decline in non-operating income and higher non-operating expenses.
