Metro Manila (CNN Philippines, November 15) — — San Miguel Corp. (SMC) surpassed its pre-pandemic full-year 2019 revenues, reporting total gains of ₱1.1 trillion from January to September of 2022 on Monday.
“The continuing increase in demand for our products and services has been very encouraging despite the challenging business environment. This inspires us to continue with our efforts and to remain focused on achieving full recovery,” said SMC President and Chief Executive Officer Ramon Ang.
Due to rising demand, SMC also posted a 26.5% core profit rise to ₱43.5 billion from ₱34.4 billion last year, the diversified conglomerate said.
Consolidated income from operations rose 24% to ₱108.5 billion, mainly driven by the strong performance of Petron, Food and Beverages, Packaging and Infrastructure.
SMC segments
San Miguel Food and Beverage, Inc. (SMFB) for the nine months posted consolidated revenues of ₱261.5 billion, an 18% increase over the same period last year.
SMFB’s operating income grew 15% to ₱37.6 billion and net income rose 9% to ₱26.3 billion compared to the same period in 2021.
San Miguel Brewery Inc. (SMB) for the nine months posted consolidated volumes of 164.2 million cases, up 11% from the previous year. Revenue amounted to ₱99 billion, increasing by 21% from the same period last year.
According to SMC, this was “primarily driven by the positive impact of relaxed mobility, and rapid reopening of markets in both domestic and international operations.”
SMB’s consolidated operating income and Net Income ended at ₱22.2 billion and ₱16.2 billion, higher by 22% and 15% from the previous year, respectively.
Ginebra San Miguel, Inc. sustained consistent growth, registering revenues of ₱34.5 billion, 12% higher than last year, achieved by higher volumes at 32.6 million cases which is 8% better than last year’s level.
Operating income increased by 12% at ₱4.6 billion while net income amounted to ₱3.4 billion, 7% higher from the same period in 2021.
San Miguel Foods (SMF) gains hit ₱128 billion, 18% higher than the same period last year, with almost all businesses posting double-digit revenue growth.
Operating income grew 3% to ₱10.8 billion and net income stood at ₱7.4 billion, down 2% due to the impact of the forex movement, as well as interest expenses related to its expansion projects.
SMC Global Power Holdings Corp.’s (SMC Global Power) offtake volumes for the nine months period reached 21,336 Gwh, a 4% growth from last year.
Consolidated revenues amounted to ₱166.1 billion, up 77% from ₱93.9 billion in the previous year supported by the offtake volume growth and the increase in average bilateral rates.
Consolidated power operating income declined by 28% to ₱20.5 billion.
Petron Corporation posted combined sales volumes from Petron’s Philippines, Malaysian Operations, and Singapore trading subsidiary of 80.4 million barrels, a 37% rise from 2021.
Philippine volumes jumped by 40%, with the recovery in industrial demand and the aviation sector.
Petron’s consolidated revenues amounted to ₱631.1 billion, way ahead of last year’s ₱291.6 billion by 116%.
Operating income stood strong at ₱16.5 billion, 23% more than 2021’s ₱13.4 billion while consolidated net income amounted to ₱8.2 billion, up 64% from last year’s ₱4.99 billion.
Traffic volume of operating toll roads delivered revenues of ₱20.9 billion, a 57% growth from the previous year. Operating income climbed to ₱10.1 billion amid higher traffic volume.
SMC shares closed at ₱97 apiece on Monday after it’s value rose by 1.04%
According to SMC, the amount is up 71% from ₱650.6 billion in the previous year, surpassing 2019 revenues of ₱1 trillion.
