MANILA -Tycoon Ramon Ang-led conglomerate San Miguel Corp. (SMC) saw profits more than double during the first nine months of 2023 amid robust earnings from its core business units, including power and oil refining.
Net income from January to September this year soared 141 percent to P31.2 billion while revenues were up 5 percent to P1.1 trillion compared with the same period in 2022.
“SMC’s resilient performance in the face of economic challenges is very encouraging,” SMC president and CEO Ramon S. Ang said in a statement on Monday.
The conglomerate said growth was driven by the “exceptional performance” of subsidiaries Petron Corp. San Miguel Brewery Inc. (SMB), Ginebra San Miguel Inc. (GSMI), SMC Infrastructure and Eagle Cement Corp.
READ: San Miguel Brewery 9-month profit up 20% to P19.4B
Total operating income during the nine-month period also jumped 29 percent to P110.2 billion, while consolidated earnings before interest, taxes, depreciation and amortization expanded by 22 percent to P154.2 billion.
“Our achievements highlight our consistent focus on quality and strategic business growth. We remain dedicated to delivering exceptional service to our customers while contributing to broader national initiatives,” Ang said.
Flagship subsidiary San Miguel Food and Beverage Inc., which owns SMB and GSMI, saw profits increase by 4.5 percent to P27.5 billion amid sales and volume growth. Total revenues also added 6 percent to P276.7 billion.
READ: San Miguel Food 9-month net income up 4.5% to P27.5B
San Miguel Global Power Holdings Corp.’s consolidated net income surged four times to P9.1 billion, a turnaround from losses booked during the same period last year.
The power arm said operating income grew 1 percent to P23.3 billion on the back of higher margins following the decline of average coal prices and lower overall power purchases.
Petron’s net income climbed 16 percent to P9.5 billion as sales volume reached 93.6 million barrels, up 16 percent.