Tycoon Ramon Ang’s San Miguel Corp.'s core net income soared 61 percent to P14.5 billion in the first quarter of 2024, driven by operational efficiencies and cost management, even as global economic challenges persisted.
This growth in profit accompanied a 13 percent increase in consolidated revenues, which hit P392.7 billion, thanks to significant volume growth in spirits, food, power, fuels, and infrastructure sectors.
The company also achieved a 15 percent rise in operating income to P40.5 billion, while earnings before interest, taxes, depreciation, and amortization grew by 8 percent to P54.8 billion.
"SMC's performance for the first quarter sets a solid foundation for the remainder of the year,” said Ang, the president and CEO of SMC.
“Our strategic business decisions and market leadership continue to drive sustainable value creation for our shareholders. With our diversified business model, we are optimistic that 2024 will sustain our history of growth,” he added.
