San Miguel net income rises to P43.4B in Q1

Tycoon Ramon Ang-led diversified conglomerate San Miguel Corporation (SMC) saw its net income surge to P43.4 billion in the first quarter of 2025 from P8.9 billion year-on-year amid stronger sales from its food, hard liquor, and infrastructure units.

In a statement, SMC said its revenues declined slightly by 8% to P360.9 billion, mainly due to weaker crude prices affecting its fuel and oil segment and lower contributions from its power business following the de-consolidation of the Ilijan Power Plant. 

Nonetheless, the company said the stronger sales from its food, hard liquor, and infrastructure arms “helped offset the [revenue] decline.”

In particular, San Miguel Food and Beverage Inc. (SMFB) saw its consolidated revenues grow to P98.9 billion, up 4% from a year earlier.

Its hard liquor unit, Ginebra San Miguel, also generated P16.3 billion in revenues, up 8% year-on-year.

SMC Infrastructure, likewise, posted a 7% rise in first-quarter revenues, driven by the continued growth of its toll road operations with operating income reaching P5.3 billion.

San Miguel Global Power, meanwhile, saw a 4% decline in revenues to P42.5 billion “due to the deconsolidation of the Ilijan Power Plant,” but was partly offset by strong contributions from its other power facilities and battery energy storage systems.

SMC’s petroleum refiner and retailer Petron Corporation saw its revenues decline to P194.4 billion from P227.6 billion due to lower crude prices and softer export sales. 

The conglomerate’s cement business—including Eagle Cement, Northern Cement, and Southern Concrete Industries—reported consolidated revenues of P8.9 billion, down 4% year-on-year due to lower average selling prices amid heightened competition from imports and soft demand.

“We had a good start to the year. Despite some challenges, our businesses remained resilient and continued to perform well. We will keep moving forward, grow responsibly, and make sure more Filipinos benefit from the progress we are making,” said Ang. —RF, GMA Integrated News