SMC net income up 141% in 9M 2023

Diversified conglomerate San Miguel Corp. (SMC) posted a 141% growth in its bottom line for the first nine months of the year, driven by the performance of its key subsidiaries during the period.

SMC said its net income surged to P31.2 billion, while its consolidated operating income increased by 29% to P110.2 billion. Consolidated revenues fell 5% to P1.1 trillion.

“SMC’s resilient performance in the face of economic challenges is very encouraging. Our achievements highlight our consistent focus on quality and strategic business growth,” SMC president and chief executive officer Ramon Ang said in an emailed statement.

“We remain dedicated to delivering exceptional service to our customers while contributing to broader national initiatives,” he added.

San Miguel Food and Beverage Inc. reported a P276.7-billion consolidated revenue during the period, while its consolidated net income increased by 4% to P27.5 billion from the same period last year.

San Miguel Brewery saw a 9% increase in consolidated revenues to P108.3 billion, while its consolidated net income rose by 20% to P19.4 billion. Ginebra San Miguel also saw a 62% increase in net income to P5.5 billion.

The power subsidiary San Miguel Global Power Holdings Corp. recorded a P9.1-billion consolidated net income, a turnaround from the P2.6-billion net loss in the same period last year due to lower foreign exchange revaluation.

Petron Corp. saw a 16% increase in consolidated sales volume to 93.6 million barrels, but its revenues fell to P587.3 billion from P631.1 billion as prices corrected. Net income increased by 16% to P9.5 billion.

SMC Infrastructure posted a 20% increase in consolidated revenues to P25.1 billion while operating income grew 35% to P13.7 billion, and the cement business saw an operating income of P4.6 billion versus the P19-million operating loss last year.

Shares in SMC closed Monday at P103.00 per share, up by P0.10 or 0.10% from last Friday’s finish of P102.90.—AOL, GMA Integrated News