San Miguel 9-month core net income up 26% to P43.5 billion

Diversified conglomerate San Miguel Corporation (SMC) saw its core net income grow by double-digits in the first nine months of 2022 amid strong performance across its businesses.

In a disclosure to the Philippine Stock Exchange on Tuesday, SMC reported a core net income of P43.5 billion, up 26% from P34.4 billion seen in the January to September 2021 period.

The strong bottom line during the period was on the back of a 71% growth in consolidated revenues to P1.1 trillion from P650.6 billion in the previous year and surpassing pre-pandemic full-year 2019 revenues of P1 trillion.

"The continuing increase in demand for our products and services has been very encouraging despite the challenging business environment. This inspires us to continue with our efforts and to remain focused on achieving full recovery," said SMC president and CEO Ramon Ang.

SMC’s San Miguel Food and Beverage Inc. (SMFB) posted consolidated revenues of P261.5 billion, up 18% mainly driven by sustained strong volume growth and better selling prices across the Beer, Spirits and Food divisions.

San Miguel Brewery Inc. reported consolidated revenues of P99 billion, up 21% year-on-year on the back consolidated volumes of 164.2 million cases sold, up 11% year-on-year, primarily driven by the positive impact of relaxed mobility, and rapid reopening of markets in both domestic and international operations.

Ginebra San Miguel Inc. booked revenues of P34.5 billion for the January to September period, up 12%, “achieved by higher volumes at 32.6 million cases, 8% better than last year's level—mainly driven by on-ground selling efforts and thematic campaigns.”

San Miguel Foods (SMF) posted consolidated revenues of P128 billion, up 18% as “almost all businesses posted double digit revenue growth.”

SMC Global Power Holdings' revenues during the period grew 77% to P166.1 billion from P93.9 billion amid volumes reaching 21,336 gigawatt-hours, a 4% growth versus last year mainly driven by increase in demand from distribution utilities.

SMC’s Petron Corporation saw its consolidated revenues grow by 116% to P631.1 billion from P291.6 billion amid combined sales volumes from Petron's Philippines and Malaysian operations, including its Singapore trading subsidiary, to reach 80.4 million barrels, up 37% year-on-year.

SMC said Petron’s Philippine volumes also jumped by 40%, with the recovery in industrial demand and aviation sector.

SMC’s infrastructure arm saw its traffic volume of operating toll roads grow by 31% and delivered revenues of P20.9 billion, up 57% year-on-year. — BM, GMA Integrated News