SMC earnings surge 19% to P37.1B as of September

SMC earnings surge 19% to P37.1B as of September

/ 02:06 AM November 12, 2024

Growth across its businesses buoyed the nine-month net income of conglomerate San Miguel Corp. (SMC) by a fifth to P37.1 billion, with revenues ending above the P1-trillion mark despite weakness in the cement unit.

The company led by billionaire Ramon S. Ang on Monday said revenues climbed by 11 percent to P1.2 trillion on the strong performance of its power, fuel and oil, food and spirits units.

“Our strong results reflect our ability to run our businesses efficiently, seize growth opportunities, and focus on building long-term value and excellence,” said Ang, chair and CEO of SMC, which likewise leads the consortium in charge of rehabilitating the Ninoy Aquino International Airport (Naia).

Article continues after this advertisement

Food and beverage

Net income from San Miguel Food and Beverage Inc. rose by a tenth to P30.4 billion, while sales inched up by 5 percent to P291.1 billion.

FEATURED STORIES

Strong demand for Purefoods Luncheon Meat, Magnolia Dairy and San Mig Coffee buoyed the sales of San Miguel Foods by 4 percent to P134.3 billion.

Meanwhile, San Miguel Brewery Inc.’s consolidated revenues had a modest 3-percent growth to P111.2 billion due to higher volumes.

Article continues after this advertisement

Likewise, spirits segment Ginebra San Miguel Inc. ended the period with P45.6 billion in sales, up by 17 percent on higher prices and volumes.

Article continues after this advertisement

At the same time, San Miguel Global Power Holdings Corp. booked a 23-percent rise in revenues to P153.6 billion, as off-take volumes, or the amount of electricity purchased by buyers, surged by 57 percent.

Article continues after this advertisement

Volume growth drove the 12-percent increase in revenues of Petron Corp. to P657.9 billion.

Sales volume from Petron’s Philippine operations and Singapore trading arm had a combined 16-percent growth to 67.8 million barrels, according to SMC.

Article continues after this advertisement

Meanwhile, sales volume in Malaysia was up by 4 percent to 36.6 million barrels.

San Miguel Infrastructure’s revenues rose by 8 percent to P27 billion as average daily traffic volume from toll roads climbed.

Revenues of the cement business under Eagle Cement Corp., Northern Cement Corp. and Southern Concrete Industries Inc. slipped by 6 percent to P27 billion on the back of lower selling prices.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

SMC officially took over the maintenance and operations of Naia in September, promising more efficient systems at what has been touted the world’s worst airport.

TAGS: Business, SMC

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.