Tycoon Ramon Ang’s SMC soars to P1.6T revenue in 2024, core profit rises 22%

Tycoon Ramon S. Ang’s food, beverage, infrastructure, and energy giant San Miguel Corp. (SMC) capped 2024 with P1.6 trillion in revenue, up 9 percent from the previous year, driven by strong sales in power, spirits, and fuel & oil. Beer and infrastructure also made solid contributions.

Operating income grew 11 percent to P160.8 billion, supported by better margins in power, food & beverage, and infrastructure, along with cost-saving efforts. Earnings before interest, taxes, depreciation and amortization (Ebitda) rose 10 percent to P225.9 billion.

Core net income increased 22 percent to P52.3 billion, reflecting strong operations. Reported net income reached P36.7 billion, factoring in foreign exchange adjustments.

Management’s view 

“Our strong 2024 performance reflects strategic growth, operational efficiency, and disciplined execution,” Ang, the chair and CEO of SMC, said in a statement. 

“We remain focused on strengthening and making our businesses more efficient, while driving sustainability and long-term growth,” he added. 

Ramon S. Ang 

SMC chair, CEO 

Food, beverage

    •    San Miguel Food and Beverage’s sales rose 6 percent to P400.9 billion, with net income up 7 percent to P40.9 billion, driven by higher volumes and cost efficiencies.

    •    San Miguel Foods sales grew 3 percent to P185 billion, led by a 7 percent rise in Protein and 12 percent in Prepared & Packaged Food, pushing net income up 33 percent to P8.4 billion.

    •    San Miguel Brewery sales increased 4 percent to P153.4 billion, with net income up 1 percent to P25.6 billion, maintaining profitability despite typhoon impacts.

    •    Ginebra San Miguel sales jumped 17 percent to P62.5 billion, with volume up 9 percent and net income rising 3 percent to P7.3 billion. Recurring net income rose 22 percent, excluding the Don Papa gain in 2023. 

Infrastructure, cement 

San Miguel Infrastructure revenues grew 7 percent to P37.5 billion, driven by higher toll road traffic, which rose 2 percent to 1.03 million vehicles daily. Operating income increased 12 percent to P20.3 billion, while Ebitda rose 8 percent to P29.7 billion, maintaining a 79 percent margin.

SMC’s cement business saw a 6 percent drop in sales to P34.9 billion, as lower prices offset a 3 percent volume increase. Operating income grew 10 percent to P6.6 billion, while Ebitda inched up 1 percent to P9.7 billion, with margins improving to 28 percent.