San Miguel H1 net income up 66%

Diversified conglomerate San Miguel Corp. (SMC) on Monday reported a 66% increase in its net income for the first half of the year, on the back of the strong performance of most of its business segments during the period.

SMC said its net income climbed to P33.5 billion, while operating income expanded by 22% to P85.1 billion, supported by the improved margins in the power business and lower raw material costs. Revenues for the first half rose by 15% to P789.0 billion.

“Our strong first semester performance shows the resilience of our businesses even in a challenging market. We expect this positive momentum to continue throughout the year and deliver sustained value to all our stakeholders,” SMC chairman and chief executive officer Ramon Ang said.

San Miguel Food and Beverage Inc. reported a 6% growth in its net income to P20 billion, while San Miguel Brewery Inc. posted a P15.9-billion operating income, with expectations of a stronger performance in the second half.

Ginebra San Miguel Inc. posted a 31% increase in operating income to P4.4 billion, while San Miguel Foods — which produces Tender Juicy Hotdogs, Purefoods Luncheon Meat, Magnolia dairy, and San Mig Coffee — doubled its operating income to P6.4 billion.

San Miguel Global Power Holdings Corp. increased its operating income by 56% to nearly P23.0 billion, while fuel and oil unit Petron Corp. reported an 8% expansion in its consolidated operating income to P17.3 billion, bringing its net income to P6.0 billion.

San Miguel Infrastructure grew its operating income by 8% to P9.7 billion, while SMC’s cement businesses — including Eagle Cement, Northern Cement, and Southern Concrete — increased its operating income by 31% to nearly P4.0 billion.

SMC is the lone Filipino firm that entered the top 10 in the inaugural Fortune Southeast Asia 500, which brings together the largest companies in the region, in terms of revenues. — RSJ, GMA Integrated News