San Miguel Corp. (SMC) reported a 9 percent increase in core profit to ₱36.7 billion in the first half of 2025, driven by strong performances across its food, beverage, infrastructure, and power businesses, underlining the conglomerate’s strategic resilience and continued economic impact.
While total net income soared to ₱66.8 billion—from ₱13.6 billion a year ago—due to foreign exchange gains and valuation uplift from residual investments in Ilijan and Excellent Energy Resources Inc. (EERI), the growth in core earnings reflects SMC’s operational strength and disciplined cost management, according to the company.
Revenue declined 9 percent to ₱718.2 billion, mainly due to the deconsolidation of Ilijan and EERI and lower crude prices affecting its fuel and oil segment. Despite this, operating income rose 3 percent to ₱87.7 billion, while consolidated EBITDA climbed 11 percent year-on-year to ₱126.3 billion, reflecting improved margins and efficiency across its key units.
- Food and Beverage: San Miguel Food and Beverage, Inc. saw net income jump 15 percent to ₱23 billion, led by San Miguel Foods, which posted a 53 percent surge in net income to ₱6 billion and 41 percent rise in operating income to ₱8.6 billion. Ginebra San Miguel also posted double-digit earnings growth, while San Miguel Brewery maintained stable profitability despite softer local demand.
- Power: San Miguel Global Power’s revenue fell 19 percent due to asset deconsolidations, but EBITDA rose 14 percent to ₱34.4 billion. Operating margins expanded 400 basis points, aided by increased contracted capacity and battery energy storage system (BESS) revenues.
- Fuel and Oil: Petron Corporation delivered a ₱5.3 billion net income, showing resilience amid lower global oil prices and reduced trading volumes.
- Infrastructure: Revenue from toll roads rose 7 percent to ₱19.9 billion, with operating income increasing 13 percent to ₱11.1 billion, supported by higher traffic and operational efficiencies.
- Cement: SMC’s cement units faced volume and pricing pressure, with sales slipping 6 percent to ₱17.8 billion, reflecting tough market competition and rising imports.
SMC chairman and CEO Ramon S. Ang attributed the solid first-half performance to the group’s disciplined execution of its strategic priorities, emphasizing that the company remains committed to fueling national progress through investments in critical industries.
“Our first-half results reflect the resilience and adaptability of our diverse portfolio,” Ang said. “By staying focused on efficiency, discipline, and strategic priorities, we have sustained our growth momentum and continued to contribute to our country’s progress.”
