San Miguel revenues hit P428.3B in Q1 2026, up 19%

Diversified conglomerate San Miguel Corporation (SMC) saw its consolidated revenues grow 19% to P428.3 billion in the first quarter of 2026, on the back broad growth across its major businesses.

In a news release on Friday, SMC said its first quarter top line was driven by stronger fuel and oil volumes, with revenues reflecting movements in global prices, along with new contributions from its energy business and sustained volume growth in food.

“Our businesses performed well in the first quarter, supported by steady demand and the hard work of our teams across the group,” said SMC chairman and CEO Ramon Ang.

“While global conditions remain challenging, we will stay disciplined in how we operate, serve our customers well, and continue investing where we can support our country’s growth,” said Ang.

SMC consolidated net income, however, was lower at P22.5 billion, from P43.4 billion in the same period in 2025 due to the absence of a P21.9-billion gain from the partial sale of power assets as well as foreign exchange losses.

San Miguel Food and Beverage Inc.’s (SMFB) first-quarter net income rose 2% to P11.8 billion, supported by gains in its food and spirits businesses, the stable performance of beer, and disciplined cost management.

San Miguel Foods saw a 7% increase in revenue to P49.6 billion, driven by growth in the feeds segment and sustained demand for branded products, including Magnolia dairy, coffee, and Purefoods meats.

San Miguel Global Power posted a 26% year-on-year increase in revenues to P53.6 billion, driven in part by contributions from five battery energy storage system (BESS) facilities, as well as power supply agreements for the Mariveles and San Roque power plants.

Petron Corporation booked a net income of P1.8 billion in the first quarter of 2026, down 56% from P4.0 billion in the same period last year, as refinery output declined for both Philippines and Malaysia operations.

SMC’s Infrastructure Group likewise delivered P10.4 billion in revenues for the first quarter of 2026, up 7% driven by higher traffic volumes and continued operational improvements across all toll roads, with combined average daily vehicle volume rising 3% to 1.1 million vehicles.

SMC’s cement business, which includes Eagle Cement Corporation, Northern Cement Corporation, and Southern Concrete Industries Inc., posted consolidated revenues of P9.2 billion, up 3% year-on-year, as strong volume growth outpaced lower average selling prices in a highly competitive market. — BAP, GMA News