San Miguel Corp. (SMC) on Wednesday reported a 54 percent increase in core net income to P60.3 billion for the first nine months of the year, driven by improved efficiency and tight cost management across its major businesses.
Operating income rose 13 percent to P137.4 billion, while consolidated EBITDA expanded 16 percent to P194.3 billion. Consolidated revenues reached P1.1 trillion, slightly lower year-on-year due to soft crude prices and the de-consolidation of certain power assets. Chairman and CEO Ramon S. Ang said the group delivered “strong results” despite external pressures and is preparing for a seasonal rise in consumer spending in the fourth quarter.
The results underscore the strength of SMC’s diversified portfolio, with robust performances from its food, beverage, power, and infrastructure units helping cushion weakness in the fuel and cement segments. The company’s ability to grow earnings even in mixed market conditions highlights the commercial value of its scale, integrated operations, and continued focus on cost discipline.
SMC’s food and beverage arm, San Miguel Food and Beverage, Inc. (SMFB), recorded a 4 percent revenue increase to P302.9 billion alongside a 12 percent rise in operating income to P44.7 billion, supported by stronger profitability across its brands. San Miguel Foods led the segment with 7 percent revenue growth and a 32 percent surge in operating income on the back of higher demand and improved margins. San Miguel Brewery delivered stable revenues of P110.7 billion with modest profit gains, while Ginebra San Miguel maintained its momentum with 7 percent higher revenues and a 19 percent increase in operating income.
In the fuel and oil segment, Petron grew sales volumes by 3 percent but saw revenues fall 10 percent to P594.9 billion as a result of lower Dubai crude prices. Despite this, operating income climbed 20 percent to P26.6 billion, supported by strong domestic sales, improved plant efficiency, and lower costs. Net income rose 37 percent to P9.7 billion.
SMC Global Power’s revenues declined 23 percent to P118.8 billion due to asset de-consolidations and lower coal and spot market prices. However, operating income increased 4 percent to P34.8 billion, bolstered by higher contributions from its battery energy storage system (BESS) business.
SMC Infrastructure recorded a 7 percent revenue increase to P29.6 billion, driven by heavier traffic across all toll roads, which pushed operating income up 12 percent to P16.7 billion.
The cement business faced continued market pressures, with revenues dropping 6 percent to P25.5 billion amid cheaper imports and weaker volumes. Operating income reached P5.1 billion.
Overall, SMC’s stronger earnings performance highlights the resilience of its core operations, the commercial impact of its cost-efficiency measures, and its capacity to balance challenges in commodity-exposed businesses through growth in higher-performing units.
