San Miguel nets P55B

Conglomerate San Miguel Corp. grew its recurring net profit by 11 percent to P54.7 billion last year on “phenomenal” earnings from its oil business alongside robust food and beverage businesses.

This excludes the effect of foreign exchange translations and a one-time gain from the sale of its telecom business last year, SMC said in a press statement on Thursday.

The P54.7 billion net profit level included interest attributable to minority equity holders of parent company.

SMC said its 2017 results were fuelled by higher contributions from Petron Corp.’s operations in the Philippines and Malaysia along with its food and beverage businesses.

Consolidated revenues reached P826 billion, up 21 percent on higher sales across all its businesses continued to grow. Consolidated operating income amounted to P111 billion, 11 percent higher than the level in the previous year.

San Miguel Brewery Inc. posted a net income of P20.7 billion, up by 17 percent from the previous year. Revenues rose by 17 percent to P113.3 billion on a double-digit expansion in sales.

Sales volumes reached 260 million cases for SMB, up 13 percent from the previous year, attributed to favorable economic conditions alongside “strong marketing and integrated sales initiatives.”

With the strong performance of its domestic operations and contributions from its international operations, operating income reached P31.2 billion, up by 15 percent from the previous year.

Hard liquor unit Ginebra San Miguel Inc. (GSM) reported a 67 percent rise in net profit last year to P602 million.

For San Miguel Pure Foods Co. Inc., net income grew by 16 percent to P6.9 billion, as consolidated revenues rose by 5 percent to P117.4 billion.

With lower unrealized foreign exchange losses, net income of SMC Global Power Holdings Corp increased to P8.2 billion.

Petron Corporation posted what was cited as a “phenomenal” year, registering net income of P14.1 billion, 30 percent higher the previous year.