Ramon Ang-led SMC nears P800B in revenues—and it’s just the first half

Tycoon Ramon Ang-led conglomerate San Miguel Corp. booked revenues of nearly P800 billion during the first half of 2024, growing by 15 percent over the same period last year thanks to strong contributions from energy, food, liquor and infrastructure. 

This growth was fueled by Petron Corp., San Miguel Global Power, San Miguel Infrastructure, San Miguel Foods, and Ginebra San Miguel Inc. 

“Our strong first semester performance shows the resilience of our businesses even in a challenging market. We expect this positive momentum to continue throughout the year and deliver sustained value to all our stakeholders,” SMC chair and CEO Ramon S. Ang said in a statement on Monday. 

Core earnings growth 

The company’s massive revenues contributed to a 22 percent jump in operating earnings to P85.1 billion, which SMC attributed to improving margins and power and lower raw material costs in food. 

Recurring income, which excludes unrealized foreign exchange effects, soared by 66 percent to P33.5 billion. 

​Ramon S. Ang 

SMC Chair, CEO 

Food and drinks 

San Miguel Food and Beverage saw a 4 percent increase in consolidated sales to P192.9 billion, with operating income growing 16 percent to P26.6 billion. 

Ginebra San Miguel reported an 18 percent sales jump to P30 billion, driven by volume growth and effective marketing, while San Miguel Foods’ sales rose 3 percent to P87.8 billion, with earnings before interest, taxes, depreciation and amortisation (EBITDA) up 41 percent to P10 billion. 

Energy a major contributor 

San Miguel Global Power Holdings Corp. reported a 17 percent revenue increase to P98.9 billion, with operating income rising 56 percent to nearly P23 billion. 

EBITDA grew 45 percent to P30.1 billion, boosted by better margins from contracted volumes and ancillary services. 

Petron’s revenues grew by 21 percent to P444.5 billion, driven by a 20 percent increase in sales volumes to 69.1 million barrels. Despite lower refining margins, operating income increased by 8 percent to P17.3 billion, with net income at P6 billion. 

Positioned for growth in infrastructure 

San Miguel Infrastructure achieved a 9 percent revenue growth to P18.1 billion, with operating income up 8 percent to P9.7 billion. EBITDA also grew 9 percent to P14.7 billion, maintaining a strong 81 percent margin. 

Lastly, the cement business saw a 6 percent revenue decline to P19 billion due to lower selling prices but managed to grow operating income by 31 percent to nearly P4 billion. EBITDA increased by 18 percent to P5.4 billion, supported by cost reductions and operational efficiencies.