Close  

SMC says sustainability efforts to keep pace with conglomerate’s growth

By: - Reporter / @daxinq
/ 05:35 PM June 11, 2019

MANILA, Philippins–San Miguel Corp. on Tuesday said it expects its robust pace of growth to continue over the next few years thanks to strong demand for its products as well as the increased capacity that its current expansion programs will bring.

Speaking to stockholders, the chief of the country’s largest conglomerate also vowed to grow its corporate social responsibility programs in step with the group’s growth — its latest philanthropic venture being a 1,000-square meter “food bank” that can feed as many as 5,000 people a day in Manila’s impoverished Tondo district.

ADVERTISEMENT

SMC president Ramon Ang said that its Better World Community Center will be “the first of its kind in the country.”  It will serve as a food bank, soup kitchen and a livelihood training center for low-income families.

“This is just the first,” he said. “By building more sustainable communities in the country we hope to empower those in reduced circumstances to be able to transform their lives.”

During the firm’s annual stockholders’ meeting in Mandaluyong City, Ang said “robust volume growth across all major businesses” allowed the company reached trillion-peso revenue levels two years ahead of target.

Ang had earlier set a 2020 target for San Miguel to reach P1 trillion in revenues, but this was achieved at the end of last year when the conglomerate reported consolidated revenues of P1.02 trillion, representing a 24-percent hike over the 2017 level.

During this period, operating income was up 5 percent to P117.1 billion, while consolidated recurring income improved slightly to P55.2 billion. Consolidated earnings before interested, taxes, depreciation and amortization rose 7 percent to P157.9 billion.

For the first quarter of 2019, San Miguel generated consolidated revenues of P250.9 billion, up 7 percent, driven by higher volumes and favorable selling prices from almost all major businesses.  Operating income amounted to P31.1 billion and net income was at P12.8 billion.

Ang said that the conglomerates latest philanthropic effort will be located ion Barangay 101 in Tondo, right across relocation sites Aromaland and Happyland, in a facility that used to be a beer warehouse and distribution center.

The communities house an estimated 3,000 families or about 15,000 people who are considered among “the poorest of the poor.”

The San Miguel Foundation has partnered with the local chapter of international organization Rise Against Hunger, to help with the food bank and soup kitchen.

ADVERTISEMENT

“A lot of problems faced by lower-income families, especially hunger, is rooted in inequality. We are committed to bridge that gap,” And said.

Another partner, A-HA! Learning Center, will provide after-school learning to children in the community. Other organizations will be tapped to set-up livelihood training and other capacity-building programs. (Editor: Jonathan P. Vicente)

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, Corporate, local news, Philippine news update, Ramon Ang, San Miguel‎, SCM
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.