Conglomerate San Miguel Corp. on Monday bared net income rising 27 percent in the first three months to P17.73 billion from a year earlier of only P13.94 billion on strong sales across its businesses.
Revenue rose 9 percent to P346.72 billion from P316.76 billion, bolstered by higher volume from Petron Corp., San Miguel Brewery Inc. and SMC Infrastructure.
“Our strong first quarter results reflect our commitment to execute well on our strategic priorities as we navigated through a very challenging environment. With raw material prices expected to stabilize, we are confident we can deliver an even better performance in the coming months,” San Miguel president and CEO Ramon S. Ang said.
San Miguel Food and Beverage Inc. net income grew 8 percent to P9.87 billion from a previous P9.15 billion.
Consolidated revenue grew 12 percent to P93.18 billion from previous year’s P83.05 billion on robust growth in beer volume and higher selling price across the beer, spirits and food divisions.
San Miguel Global Power Holdings Corp.’s off-take volumes for the period aggregated 4,657 gigawatt hours, 33 percent lower than last year, due to the lack of natural gas supply at its Ilijan power plant.
Operating income reached P7.6 billion, up 12 percent from previous year on the back of better margins on its available net capacity. Net income grew 177 percent to P5.3 billion from the previous P1.92 billion due to net foreign exchange gains recognized this year.
Petron reported net income of P3.4 billion, down 6 percent from previous year’s P3.6 billion.
SMC Infrastructure reported consolidated revenues reaching P8.17 billion, 31 percent higher than last year’s P6.32 billion. Operating income soared 82 percent to P4.48 billion from the previous P2.46 billion.
San Miguel’s cement business, under San Miguel Equity investments Inc., posted significant growth in the first quarter following the acquisition of Eagle Cement Corporation last December.
Consolidated revenue tripled to P10.34 billion from P3.22 billion. Operating Income amounted to P1.3 billion, a four-fold increase from previous year’s P293 million.
