Despite challenges like typhoons and currency fluctuations, consolidated revenues increased 11 percent to P1.2 trillion, driven by higher sales volumes in power, fuel and oil, food, and spirits.
Operating income grew 11 percent, with strong gains in food, spirits, and infrastructure offsetting weaker refining margins in the fuel and oil sector, while earnings before interest, taxes, depreciation, and amortization (Ebitda) rose 9 percent to P168.1 billion.
Management’s view
“Our commitment to sustainable growth and responsible cost management is at the core of everything we do,” SMC chair and CEO Ramon S. Ang said in a statement.
“Our strong results reflect our ability to run our businesses efficiently, seize growth opportunities, and focus on building long-term value and excellence,” he added.
Hotdogs, beer
San Miguel Food and Beverage reported a 5 percent increase in consolidated sales to P291.1 billion in the first nine months, with operating income rising 15 percent to P39.9 billion, driving net income up 11 percent to P30.4 billion.
Power, fuel
San Miguel Global Power Holdings Corp. (SMGP) achieved a 57-percent surge in off-take volumes, driven by new capacities such as the 1,200 MW from South Premiere in Ilijan and the Mariveles Units.
This performance lifted consolidated revenues by 23 percent to P153.6 billion, while operating income grew 43 percent.
Petron Corp. saw a 12-percent increase in consolidated revenues to P657.9 billion, supported by volume growth of 12 percent to 104.4 million barrels.
Philippine operations and Singapore trading contributed a combined 16 percent rise in sales volume, but lower refining margins affected operating income, which fell to P22.3 billion from P27 billion, while net income ended at P7.1 billion.
Infrastructure
San Miguel Infrastructure posted an 8-percent increase in consolidated revenues to P27 billion, with daily traffic volumes on toll roads rising by 2 percent to 1.02 million vehicles. Operating income and earnings before interest, taxes, deprecation and amortization both grew by 8 percent, reaching P14.6 billion and P22 billion, respectively, maintaining a strong Ebitda margin of 82 percent.
Cement
The cement business, comprising Eagle Cement Corp. and others, recorded a 3 percent volume increase despite a 2.3 percent contraction in the industry.
Consolidated revenues slipped 6 percent to P27 billion due to lower selling prices, but operating income rose 16 percent, with Ebitda growing 9 percent to P7.6 billion, supported by cost efficiencies.
