SMC profit jumps 11%

Conglomerate San Miguel Corp. grew its recurring net profit by 11 percent to P54.7 billion last year on the back of strong earnings from its oil unit and robust traditional 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 statement.

The P54.7-billion profit included interest attributable to minority equity holders of parent firm.

SMC said the 2017 results were fueled by higher contributions from Petron Corp.’s operations in the country and Malaysia and its food and beverage businesses.

Consolidated revenue hit P826 billion, up 21 percent on higher sales across all its businesses that continued to grow. Consolidated operating income was P111 billion, 11 percent higher than year-ago level.

Consolidated cash flow as measured by earnings before interest, taxes, depreciation and amortization rose by 13 percent to P147.3 billion.

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

Sales volume reached 260 million cases for SMB, up 13 percent from the previous year.

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 a year ago.

Hard liquor unit Ginebra San Miguel Inc. (GSM) posted a 67- percent rise in net profit last year to P602 million. Sales volume was at 27.7 million cases, up by 10 percent as flagship brand Ginebra San Miguel and Vino Kulafu grew at a double-digit pace.

GSM’s revenue reached P20.9 billion, up 12 percent, while operating income surged 43 percent to P1.4 billion.

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

SMC Global Power Holdings Corp.’s consolidated revenue grew by 6 percent to P82.8 billion on higher energy prices from both bilateral and spot sales. Operating income ended 9 percent lower than the previous year at P24.3 billion. However, with lower unrealized foreign exchange losses, net income rose to P8.2 billion.

Petron Corp. posted a net income of P14.1 billion, up 30 percent from a year ago. Consolidated revenue hit P434.6 billion, up 26 percent, while operating income rose by 16 percent to P27.6 billion.