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San Miguel income up 27% as business units deliver


SAN MIGUEL CORP. reported a net income of P17.7 billion in the first quarter, up 27% from P13.9 billion in the same period last year, due to broad-based growth in its business segments.

“Our strong first-quarter results reflect our commitment to execute well on our strategic priorities as we navigated through a very challenging environment. With raw material prices expected to stabilize, we are confident we can deliver an even better performance in the coming months,” Ramon S. Ang,  San Miguel president and chief executive officer said in a statement on Monday.

Its top line for the three months hit P346.7 billion, up 9% from the same period last year.

Food and beverage segment, San Miguel Food and Beverage, Inc., booked a 9% increase in net income to P9.9 billion after its consolidated revenues grew by 12% to P93.2 billion due to growth in beer volumes, combined with higher selling prices across the beer, spirits, and food divisions.

San Miguel Brewery, Inc. recorded a 38% jump in net income to P6.8 billion with its consolidated revenues rising by 29% to P38.3 billion from P29.7 billion driven by an increase in volumes and price adjustments.

Its spirits segment Ginebra San Miguel, Inc. saw an 81% surge in net income for the period to P2.5 billion “on account of the one-time income cashflow generated in March with the transfer of Don Papa’s product rights.”

San Miguel Foods reported a net income of P740 million, with no comparative figure given, while its consolidated revenues inched up 3% to P41.9 billion on the back of higher selling prices of products.

The company’s power unit San Miguel Global Power Holdings Corp. more than doubled its net income to P5.3 billion due to net foreign exchange gains. Its takeoff volumes fell by 33% to 4,657 gigawatt-hours due to the absence of natural gas supply for the Ilijan power plant.

Petron Corp. booked a 6% decline in net income to P3.4 billion in the first quarter, despite an increase in revenues. Its consolidated revenues rose by 10% to P188.8 billion, driven by growth in fuel demand in both Philippine and Malaysian operations capturing 28.6 million barrels.

Consolidated commercial sales grew by 13%, with retail sales for the Philippines and Malaysia rising by 12%, and polypropylene sales surging by 68% during the first quarter.

Meanwhile, SMC Infrastructures saw its top line expand by 31% to P8.2 billion. Its operating income grew by 82% to P4.5 billion.

“[It] sustained its growth momentum, with combined average daily traffic volumes for the [first] quarter increasing by 23%… driven by the resumption of on-site work, in-person classes, and tourism-related travel,” the company said.

The cement business, under San Miguel Equity Investments, Inc., saw its operating income for the period soar to P1.3 billion from P293 million in the previous year. Its consolidated revenues also surged to P10.3 billion from P3.2 billion. This was driven by the acquisition of Eagle Cement Corp. in December 2022.

On Monday, San Miguel shares rose 1.94% or P2 to P105 apiece. — Adrian H. Halili

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