San Miguel sees sustained growth in 2024

MANILA, Philippines — Conglomerate San Miguel Corp. of billionaire Ramon S. Ang is seeing continued growth this year despite economic headwinds, banking on sustained revenues and operating income.

“In the first-quarter results of San Miguel Group, we are growing double-digit in revenue and operating income. We will stick to that target of continuing to grow at least double-digit for the year,” Ang said during the company’s annual stockholders meeting on Tuesday.

Despite higher sales in its core businesses, San Miguel’s first-quarter profit plunged by 94 percent to P509 million due to the weaker peso.

Operating income rose by 15 percent to P40.5 billion, revenues jumped by 13 percent to P392.7 billion.

“The next few years will be about investing and getting things done,” Ang said.

San Miguel, whose key businesses include food and beverage, previously said they would focus on consumption-generating programs to further boost and sustain growth.

‘Investing and getting things done’

Carlos Antonio Berba, director at San Miguel Food and Beverage (SMFB), explained that they would also strengthen the “distinctiveness” of their brands.

For Ginebra San Miguel, SMFB chief operating officer for spirits Emmanuel Macalalag said there was still much growth potential in the Visayas and Mindanao.

“The main objective of the company this year is to further strengthen our market position as a leader in the local spirits industry,” he added.

READ: BIZ BUZZ: San Miguel mega poultry plant

The company also plans to serve the growing demand for poultry products across the country through its “mega” farm in Hagonoy, Davao del Sur province which was launched last year.

It is the first of the 12 mega farms that San Miguel wants to build in the country. According to the company, the farm can produce up to 80 million birds annually.

READ: SMC wins bid for P170.6-billion Naia rehabilitation project

Apart from gains from SMFB, the conglomerate is likewise expecting its takeover of the management of the Ninoy Aquino International Airport to help drive growth.

The consortium led by San Miguel is set to manage the rehabilitation of the country’s main airport starting Sept. 18. —Meg J. Adonis