SMC revenues up 60% to P1.5T in 2022
San Miguel Corp., the conglomerate led by billionaire Ramon S. Ang, saw businesses across the group deliver strong growth as the economy reopened further in 2022, pushing revenues up by 60 percent to P1.5 trillion.
The food, drinks and infrastructure conglomerate said this was also 50 percent higher than prepandemic sales of P1 trillion.
“Our strong top line performance is a clear indication of our economy’s continuous recovery as well as the strong consumer demand for our products and services,” Ang, who is president of SMC, said in a statement on Thursday.
“While challenges remain, we’re confident in the measures and programs we’ve put in place to weather these,” he added.
In the statement, SMC said consolidated income from operations rose 10 percent to P134.5 billion.
The growth was driven by Petron Corp., San Miguel Food and Beverage, San Miguel Packaging, and SMC Infrastructure.
The conglomerate also underscored efforts to manage costs amid the impact of surging inflation and volatile foreign exchange movements.
“We remain strongly committed to executing on the long-term growth strategy we’ve laid out for our company, that will also significantly benefit our country,” said Ang.
SMC said net income in 2022 dropped 44 percent to P26.8 billion after profits more than doubled the previous year. The bottom line was hit by unrealized losses emerging from the revaluation of its foreign currency-denominated debts, the company said.
SMC said earnings before interest, taxes, depreciation, and amortization also climbed by 3 percent to P165 billion last year.
A major earnings driver came was San Miguel Food and Beverage, which recorded a 10 percent net income growth to P34.7 billion while total revenues added 16 percent to P358.9 billion.
San Miguel Brewery Inc. booked a 6-percent profit increase to P21.9 billion while revenues expanded by 17 percent to P136.2 billion on strong demand.
San Miguel Global Power Holdings Corp. said net income fell 80 percent to P3.1 billion due to a surge in costs while revenues rose 66 percent to P221.4 billion.
Petron Corp. ended the year with a net income of P6.7 billion, up 9 percent, while revenues nearly doubled to P857.6 billion. The company saw combined sales volumes from its Philippines and Malaysia operations rise by 37 percent to 112.8 million barrels. Domestic volumes climbed 43 percent on robust demand in the postpandemic period.
SMC Infrastructure booked revenues of P29 billion, up 47 percent, following the relaxing of pandemic movement restrictions, while operating income surged 110 percent to P14.2 billion.
The infrastructure unit’s portfolio includes the vast network of Luzon and Metro Manila toll roads such as the Skyway system, South Luzon Expressway and Tarlac Pangasinan La Union Expressway.
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