San Miguel Corp. (SMC) grew its profit by 67 percent to P44.7 billion in 2023 from the prior year’s P26.77 billion driven by significant volume growth across its key businesses, including San Miguel Brewery, Inc., Ginebra San Miguel Inc., Petron Corp., and SMC Infrastructure, together with the integration of Eagle Cement Corp.’s financial results.
SMC did not release its topline figures.
The group in a statement said its “strategic focus” on operational efficiencies and sustainability initiatives helped eaernings before interest tax depreciation and amortization (EBITDA) to grow 24 percent to P205.3 billion while operating income grew 34 percent rise to P144.5 billion.
“We had a strong finish to 2023, which was marked by a healthy operating income and EBITDA, thanks to our continuous efforts to maximize operational efficiencies, aligned with our sustainability agenda. Our robust performance again reflects our resilience and ability to deliver a strong bottom line despite macroeconomic uncertainties, and our commitment to continue investing on nation-building projects,” said Ramon Ang, San Miguel chief executive officer.
San Miguel Food and Beverage Inc. posted revenues of P379.8 billion, up 6 percent.
The power business posted a 23 percent decline in revenues to P169.6 billion, as a result of lower contracted volumes, and prices due to reduced fuel tariffs.
Petron posted profit of P10.1 billion, up 51 percent rom P6.7 billion last year. Revenues dropped 7 percent to P801 billion from P857.6 billion, as prices continued to correct from record-high levels in 2022.
Eagle Cement, Northern Cement Corp. and Southern Concrete Industries Inc., posted revenues of P37.2 billion.
San Miguel said it “remains confident in its ability to efficiently manage its business and continue to deliver sustainable value, amid continuing market uncertainties.”