Reported net income jumped 391 percent to P66.8 billion from P13.6 billion a year earlier, driven by foreign exchange gains and the revaluation of its 33 percent stake in the Ilijan power facility and Excellent Energy Resources Inc. (EERI).
“Our first-half results reflect the resilience and adaptability of our diverse portfolio,” said SMC chair and CEO Ramon S. Ang.
“By staying focused on efficiency, discipline, and strategic priorities, we have sustained our growth momentum and continued to contribute to our country’s progress,” he added.
Strong operational gains
Revenues declined 9 percent to P718.2 billion, reflecting lower contributions from the Power group following the Ilijan and EERI deconsolidation, as well as softer crude prices in the Fuel and Oil segment.
Operating income rose 3 percent to P87.7 billion, led by Food, Spirits, and Infrastructure, while the Power unit posted higher margins despite the deconsolidation impact.
Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 11 percent year-on-year to P126.3 billion.
Food and beverage performance
San Miguel Food and Beverage, Inc. grew net income 15 percent to P23 billion as revenues rose 4 percent to P201.2 billion.
San Miguel Foods led with a 7 percent revenue gain to P94.4 billion, lifting operating income 41 percent to P8.6 billion.
San Miguel Brewery’s revenues dipped 1 percent to P74.6 billion, but operating income inched up 2 percent to P16.2 billion.
Ginebra San Miguel’s revenues climbed 7 percent to P32.2 billion, with operating income up 12 percent to P5 billion.
Mixed results in other businesses
San Miguel Global Power’s revenues fell 19 percent to P80.1 billion due to the Ilijan and EERI deconsolidation, though operating margin widened by 400 basis points on higher contracted capacities and battery storage sales.
Core income hit P12.6 billion, while earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 14 percent to P34.4 billion. Petron earned P5.3 billion as revenues slid 13 percent to P386.4 billion on lower crude prices and reduced Singapore trading volumes.
SMC Infrastructure’s revenues grew 7 percent to P19.9 billion, with higher toll traffic pushing operating income up 13 percent to P11.1 billion and EBITDA up 8 percent to P15.8 billion.
—Edited by Miguel R. Camus
