MANILA -Billionaire Ramon Ang-led San Miguel Corp. (SMC)—the country’s largest conglomerate by revenues and assets—said on Tuesday that net income during the first semester of 2023 jumped 18 percent to P23.3 billion.
Total operating income expanded by 5 percent to nearly P70 billion versus the same period last year while consolidated revenues slipped by 4 percent to P685.2 billion on lower income from Petron Corp.
“We’re greatly encouraged by the sustained growth we are seeing across most of our businesses,” Ang, the president of SMC, said in the statement. “While there are challenges, we’re confident in the programs we have put in place to address them.
We are also keeping our focus on executing on our projects, implementing our growth strategies and providing our customers the high-quality service they expect from San Miguel,” he added. San Miguel Food and Beverage’s consolidated revenues added 7 percent to P184.6 billion while profit was steady at P18.8 billion.
Beer maker San Miguel Brewery Inc. booked a 26-percent jump in profits to P13.5 billion while revenues climbed 14 percent to P74.1 billion.
Ginebra San Miguel, Inc. also reported a strong first semester performance with sales revenues rising 10 percent to P25.4 billion while net income surged 64 percent to P4.1 billion.
San Miguel Foods recorded consolidated revenues of P85.1 billion, which was higher than the previous year, while net income ended at P1.7 billion.
San Miguel Global Power Holdings Corp.’s profits surged four times to P5.9 billion while total operating income grew 8 percent to P14.8 billion. Revenues, however, were affected by lower volume after the termination of its 670-Megawatt power supply agreement with Meralco.
Petron’s net income dropped 20 percent to P6.14 billion on lower refinery margins. Total sales volume increased 12 percent to 57.61 million barrels as demand was sustained. It said Philippine operations grew 16 percent while Malaysia increased by 7 percent.
SMC’s infrastructure arm, mainly comprised of toll roads such as South Luzon Expressway and the Metro Manila Skyway system, saw operating income jump 50 percent to P9 billion while total revenues grew 23 percent to P16.6 billion.
The cement division, composed of Eagle Cement Corp., Northern Cement Corp. and Southern Concrete Industries, Inc., tripled revenues to P20.2 billion during the first half. Operating income also soared 650 percent to P3 billion following the acquisition of Eagle.