Beneath the headline surge, its core businesses showed resilience, with strong performances in food, liquor, and infrastructure helping offset declines in fuel and energy revenues.
“We had a good start to the year,” SMC chair and CEO Ramon S. Ang said in a statement on Wednesday.
“Despite some challenges, our businesses remained resilient and continued to perform well. We will keep moving forward, grow responsibly, and make sure more Filipinos benefit from the progress we are making,” he added.
SMC revenues slowed
Revenues fell 8 percent to ₱360.9 billion as weaker crude prices hit the fuel and oil business, while the joint venture-led deconsolidation of the Ilijan Power Plant trimmed power segment contributions.
Though San Miguel no longer fully books Ilijan’s revenues, the restructuring delivered a one-time gain that boosted overall earnings.
Operating income rose 13 percent to ₱45.6 billion, and earnings before interest, taxes, depreciation and amortization climbed 17 percent to ₱64.2 billion, driven by stronger margins and solid results from food, liquor, and infrastructure.
San Miguel Food and Beverage
Sales rose 4 percent to ₱98.9 billion, with net income up 16 percent to ₱11.6 billion. San Miguel Foods led with an 83 percent profit jump to ₱3.0 billion.
Power and oil
Revenues slipped 4 percent to ₱42.5 billion after Ilijan’s deconsolidation. Still, net income surged to ₱26.4 billion, including a ₱21.9 billion one-time gain.
Petron Corp. revenues fell to ₱194.4 billion, but domestic sales rose 14 percent. Net income inched up 2 percent to ₱4.0 billion.
Infrastructure and cement
Revenues, mainly via toll road operations, grew 7 percent, pushing operating income to ₱5.3 billion. EBITDA rose 6 percent with margins steady at 78 percent.
Revenues from Eagle Cement, Northern Cement, and Southern Concrete Industries declined 4 percent to ₱8.9 billion as prices softened. Net income held steady, though EBITDA slipped 5 percent to ₱2.5 billion.
