SAN Miguel Corp. grew its nine-month profit by 19 percent to P37.1 billion from P31.18 billion a year ago.
“Despite challenges such as typhoons and currency fluctuations, San Miguel’s consolidated revenues increased by 11 percent to P1.2 trillion,” the company said in a statement.
“This strong performance was fueled by higher sales volumes in its power, fuel and oil, food, and spirits businesses,” it added.
Operating income increased by 11 percent, with improved profitability in the food, spirits and infrastructure sectors, which offset the lower refining margins in the fuel and oil business.
Earnings before interest, tax, depreciation and amortization rose by 9 percent to P168.1 billion.
The food and beverage business under San Miguel Food and Beverage Inc. posted profits of P30.4 billion, up 11 percent, over sales of P291.1 billion, up 5 percent.
Ginebra San Miguel Inc.’s sales rose by 17 percent to P45.6 billion.
The power business under San Miguel Global Power Holdings Corp. grew profits by 48 percent to P13.5 billion, over revenues of P153.6 billion, up 23 percent.
San Miguel said the venture posted a 57- percent increase in off-take volumes, supported by new capacities, including 1,200 MW from South Premiere in Ilijan, Batangas; additional battery energy storage systems, ancillary services; and the start of commercial operations of its Mariveles Units 1 and 2.
Petron Corp. recorded profits of P7.1 billion, down 25.26 percent from P9.5 billion last year.
Revenues grew by 12 percent to P657.9 billion, driven by sustained volume growth of 12 percent to 104.4 million barrels, from 93.6 million barrels in 2023.
San Miguel said the strong volume and sales performance was weighed down by a correction in refining margins resulting in an operating income of P22.3 billion, down from P27 billion last year.
San Miguel Infrastructure, on the other hand, posted revenues of P27 billion, up 8 percent from last year.
“The combined daily average traffic volume from all operating toll roads rose by 2 percent, reaching 1.02 million vehicles. The company achieved an 8 percent increase in both operating income and EBITDA to P14.6 billion and P22.0 billion, respectively,” San Miguel said.
