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).
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.
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.
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.
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.
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.
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.
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.