Conglomerate San Miguel Corp. (SMC) saw its net income rise 19 percent to P37.1 billion in the first nine months of 2024 from a year ago, amid challenges such as typhoons and currency fluctuations.
SMC said in a disclosure to the stock exchange Monday its consolidated revenues increased 11 percent to P1.2 trillion, on the back of higher sales volumes in its power, fuel and oil, food and liquor businesses.
Operating income also went up by 11 percent, as improved profitability in the food, liquor and infrastructure businesses offset lower refining margins in the fuel and oil operations.
“Our commitment to sustainable growth and responsible cost management is at the core of everything we do. Our strong results reflect our ability to run our businesses efficiently, seize growth opportunities, and focus on building long-term value and excellence,” said SMC chairman and chief executive Ramon Ang.
San Miguel Food and Beverage Inc. (SMFB) registered consolidated net income of P30.4 billion, up 11 percent year-on-year as consolidated sales rose 5 percent to P291.1 billion.
San Miguel Foods posted a 4-percent increase in sales to P134.3 billion, supported by higher volumes, while San Miguel Brewery Inc. booked consolidated revenues of P111.2 billion, up 3 percent year-on-year, as domestic sales reached P99.1 billion while international sales amounted to $212.4 million.
Ginebra San Miguel Inc. (GSMI) achieved a 17-percent increase in sales to P45.6 billion, driven by higher prices and volumes.
Meanwhile, San Miguel Global Power Holdings Corp. (SMGP) booked consolidated revenues of P153.6 billion, up by 23 percent on the back of a 57-percent increase in off-take volumes.
Petron Corp. increased its consolidated revenues by 12 percent to P657.9 billion despite the challenges in the international oil market.
Sales volume from its Philippine operations and Singapore trading arm posted a combined 16-percent increase to 67.8 million barrels, while sales volume in Malaysia rose 4 percent to 36.6 million barrels.
San Miguel Infrastructure delivered an 8-percent growth in consolidated revenues to P27 billion as the combined daily average traffic volume from all operating toll roads rose 2 percent.
The group’s cement business, consisting of Eagle Cement Corp., Northern Cement Corp. and Southern Concrete Industries Inc., delivered a 3-percent increase in volume for the nine-month period, even as industry volume dropped by about 2.3 percent.
