SMC recovered in 1H with P29.6-B profit | Inquirer Business
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SMC recovered in 1H with P29.6-B profit

/ 05:22 AM August 06, 2021

Conglomerate San Miguel Corp. (SMC) boosted its second quarter net profit to reverse the losses incurred at the height of pandemic restrictions last year as most businesses attained a double-digit recovery in revenues.

Net profit in the second quarter, including income attributable to minority interest, amounted to around P12.43 billion, bringing six-month net profit to P29.6 billion. These numbers reversed the respective net losses of P5.08 billion and P4 billion seen in the second quarter and first semester of last year.

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SMC’s second quarter net income, however, declined from the first quarter’s bottom line of P17.17 billion as stricter quarantine restrictions were reimposed in Metro Manila and surrounding regions in April.

SMC’s consolidated six-month revenues grew by 16 percent to P410.1 billion, driven by higher sales from Petron Corp., SMC Global Power, SMC Infrastructure and San Miguel Food and Beverage, which grew their businesses year-on-year by 14 percent, 5 percent, 27 percent and 20 percent, respectively.

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“While there is no doubt that the uncertainties brought about by the pandemic will continue to have an impact on our businesses, our strong performance in the first half reflects the effectiveness of the strategies we’ve put in place and our ability to quickly adapt to the evolving needs of our consumers,” said SMC president Ramon S. Ang

“Vaccinating our employees against COVID-19 is a crucial part of our strategy … With the arrival of our company-procured vaccines, enough to cover over 70,000 in our network, our nationwide vaccination drive is now in full gear,” he said.

San Miguel Food and Beverage Inc. (SMFB) returned to prepandemic profitability level in the first semester as second quarter earnings recovered from a low base last year.

SMFB’s second quarter net income came in at P7.68 billion, over five times better than the level seen in the same period last year.

SMC Global Power recorded first-half off-take volumes of 13,552 gigawatt-hours and consolidated revenues amounting to P60.3 billion, both up by 5 percent over the same period in 2020. Net income rose by 35 percent to P12.2 billion.

Petron’s first-half consolidated net income amounted to P3.9 billion, a turnaround from the P14.2 billion in the same period last year.

Meanwhile, SMC Infrastructure generated revenues of P8.5 billion for the first half, up 27 percent from last year.

—DORIS DUMLAO-ABADILLA
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