SMC Q1 net income up 19% to P8.5 billion

Diversified conglomerate San Miguel Corporation (SMC) on Friday reports continuing robust performance in its first quarter sales figures for the year, following a strong performance last year.

 

San Miguel credits this to solid contributions from all its business units, reporting consolidated first quarter sales revenues of P142.0 billion, a 12 percent improvement from last year's revenues, with majority of its businesses posting strong revenue growth as a result of higher volumes and better selling prices.

 

Consolidated net income attributable to equity holders amounted to P8.5 billion, 19 percent higher in the same comparable period. Consolidated net income before non-controlling interest, meanwhile, amounted to P11.7 billion, up 17 percent.

 

Operating income was at P14.8 billion while consolidated recurring EBITDA grew 6 percent to P21.6 billion.

 

San Miguel Brewery Inc.’s consolidated revenues reached P18.3 billion, up 5 percent.

 

Overseas volumes also improved by 9 percent, led by numbers from Indonesia, Hong Kong, and Thailand, and with China showing much improvement. 

 

The brewery's operating income grew 5 percent to P5.3 billion, owing to improvements in efficiency, management of fixed costs, and significant improvements in international operations.

 

Meanwhile, San Miguel Pure Foods Company Inc. posted first quarter consolidated revenues of P22.4 billion, 9 percent up from last year. SMC's food group attributed the growth to higher demand and favorable selling prices across its businesses. However, its operating income stood at P659 million, owing to higher prices of raw material and the proliferation of imported commodity products. 

 

The San Miguel Packaging Group, for its part, posted a 3 percent improvement in revenue at P5.9 billion, pushed by higher domestic sales and solid performance from its export business. Its operating income improved by 11 percent to P511 million–a result of efficiency initiatives, fixed cost management and lower raw materials prices.

 

SMC's oil refining and fuel flagship Petron Corporation reported a 4 percent growth in sales, with more than 12 million barrels sold in the first quarter. Most of its products registered positive growth, with domestic volumes growing by 8 percent, resulting to a 17 percent rise in revenues to P74.7 billion. —With Aileen Estoquia/VS, GMA News