Conglomerate San Miguel Corporation (SMC) announced on Monday that its net income for the first nine months of 2024 increased by 19 percent to P37.1 billion, up from P31.18 billion in the same period last year, driven by robust performance across its diverse business segments despite challenges like typhoons and currency fluctuations.
SMC’s consolidated revenue posted a strong uptick, rising 11 percent to P1.2 trillion from P1.06 trillion in 2023. This was fueled by higher sales volume of its power, fuel and oil, food, and spirits businesses.
“We remain committed to sustainable growth and responsible cost management, which are the core principles guiding our operations. Our results reflect our ability to navigate challenges, run our businesses efficiently, and capitalize on growth opportunities,” said Ramon S. Ang, SMC chairman and CEO. “This success also underscores our focus on long-term value creation and excellence across all our businesses.”
San Miguel Food and Beverage, Inc. posted an 11 percent increase in net income, reaching P30.4 billion, up from P27.48 billion last year, with strong performance across its three major divisions.
Meanwhile, San Miguel Global Power Holdings Corp. reported a 48 percent rise in net income, which surged to P13.5 billion from P9.08 billion a year ago. The power unit posted a 57 percent increase in off-take volumes, fueled by new capacities, including 1,200 megawatts from South Premiere in Ilijan, Batangas, and the commercial launch of Mariveles Units 1 and 2. As a result, the unit’s consolidated revenue grew 23 percent to P153.6 billion, compared to P125.21 billion last year.
In contrast, Petron Corp., SMC’s oil subsidiary, reported a 25 percent decline in net income, which fell to P7.1 billion from P9.5 billion last year. However, the oil giant’s consolidated revenue grew 12 percent to P657.9 billion, driven by a 12 percent rise in volume to 104.4 million barrels from 93.6 million barrels in 2023.
San Miguel Infrastructure also posted solid performance, with consolidated revenue reaching P27 billion, an 8 percent increase from last year. Traffic volume on its toll roads grew by 2 percent, with an average of 1.02 million vehicles passing through daily.
The cement business, comprising Eagle Cement Corp., Northern Cement Corp., and Southern Concrete Industries, saw a 3 percent increase in volume despite a broader industry contraction of about 2 percent. However, consolidated revenue for the cement unit fell 6 percent to P27 billion due to lower selling prices driven by the influx of imported cement.
Overall, San Miguel Corporation’s strong performance for the nine-month period underscores its resilience and capacity to adapt to challenges while continuing to deliver growth across its diverse portfolio of businesses.
