• Core income rises 54 percent to P60.3 billion
• Operating income reaches P137.4 billion with stronger margins
• Revenues at P1.1 trillion soften on crude price decline
Conglomerate San Miguel Corp. lifted nine-month core net income by 54 percent to P60.30 billion as efficiency improvements across food, beverages, power, and infrastructure offset pressure in fuel and oil.
Operating income advanced 13 percent to P137.40 billion while consolidated earnings before interest, taxes, depreciation, and amortization climbed 16 percent to P194.30 billion. Revenues eased to P1.10 trillion because of softer crude and the deconsolidation of select power assets.
SMC’s Ang expects stronger Q4
“Despite factors outside our control, we delivered strong results and continued making steady progress on our major projects,” said SMC chair and CEO Ramon S. Ang.
He added that the group is preparing for higher consumer activity in the final quarter of the year as holiday demand picks up.
Operations pulse
San Miguel Food and Beverage posted P302.9 billion in revenues, up 4 percent with contributions from Ginebra San Miguel and San Miguel Foods.
Operating income increased 12 percent to P44.70 billion and earnings before interest, taxes, depreciation, and amortization rose 13 percent to P58.4 billion.
San Miguel Foods generated P143.5 billion in revenue, up 7 percent as demand strengthened across dairy and coffee, poultry, and prepared and packaged food.
Operating income jumped 32 percent to P12.9 billion while earnings before interest, taxes, depreciation, and amortization reached P20 billion.
San Miguel Brewery recorded steady sales of P110.7 billion. International gains and resilient Philippine volumes lifted operating income 2 percent to P23.9 billion and earnings before interest, taxes, depreciation, and amortization increased 4 percent to P30 billion.
Ginebra San Miguel delivered P48.70 billion in revenue, up 7 percent, with operating income up 19 percent to P7.5 billion.
Energy and infrastructure currents
Petron volumes hit 84.7 million barrels, up 3 percent, though revenue decreased 10 percent to P594.9 billion due to lower Dubai crude. Operating income climbed 20 percent to P26.6 billion and net income reached P9.7 billion.
SMC Global Power posted P118.8 billion in revenue, down 23 percent after asset deconsolidation and softer market prices.
Operating income improved 4 percent to P34.8 billion on stronger battery energy storage contributions.
Other segments
Infrastructure revenue rose 7 percent to P29.6 billion with operating income up 12 percent to P16.7 billion. Cement revenue fell 6 percent to P25.5 billion with operating income at P5.1 billion as imports constrained pricing and volume.
—Edited by Miguel R. Camus
