Corporate

San Miguel Corp. on Thursday reported net income in 2023 rising 67 percent to P44.69 billion from previous year’s P26.76 billion, notwithstanding a revenue decline owing to the tight prices in the oil market that impacted Petron Corp. and the performance of its power unit. 

Universal Robina Corp. (URC) sales for the year ended 31 December 2023 reached P158.4 billion, up 6 percent against a high base last year. Both the branded consumer foods (BCF) and the agro-industrial & commodities (AIC) businesses continued their momentum into the fourth quarter, growing sequentially versus the previous quarter.

Nickel Asia Corp. (NAC) has budgeted capital expenditure this year significantly lower than in 2023, the bulk of which is earmarked for the purchase of heavy equipment.

DoubleDragon Corp., a Philippine listed property company, said Thursday its unit, Hotel101 Global Pte, broke ground and signed the construction contract with Spanish firm Ferrovial Construction on Wednesday for its first European project, the 680-room Hotel101-Madrin in Valdebebas.

SHERA, one of the largest fiber-cement manufacturers in the ASEAN, on Thursday introduced its products at the Philippine World Building and Construction Exposition (WORLDBEX). At the four-day convention, the Thai company showcased its fiber-cement innovation.