San Miguel Corporation (SMC) reported a significant 18 percent drop in net income for 2024, totaling P36.7 billion, down from P44.69 billion in 2023. Despite the decline in income, the company achieved a 9 percent increase in revenue, reaching P1.6 trillion, driven by higher sales across its core businesses, including power, spirits, fuel, and oil. The growth was also bolstered by solid contributions from its beer and infrastructure divisions.
Chairman and CEO Ramon S. Ang cited the company’s strategic growth and operational efficiency, highlighting that SMC remains committed to long-term sustainability and improving business performance. San Miguel Global Power Holdings, a key division, posted a 21 percent rise in revenue to P205.1 billion, with a 25 percent increase in net income to P12.4 billion, thanks to strong power supply agreements and new customer acquisitions.
San Miguel Infrastructure also showed steady progress, reporting a 7 percent increase in revenue to P37.5 billion, while its operating income rose 12 percent to P20.3 billion. The cement business, however, faced challenges, with a 6 percent drop in sales to P34.9 billion, although cost control measures led to a 10 percent rise in operating income.
Despite challenges in certain sectors, SMC’s diversified portfolio and disciplined strategy continue to drive growth and sustainability across its business units.
