San Miguel Corp. said profit for the first quarter of the year reached P17.17 billion, up 14.71 times from last year’s P1.09 billion. .
Sales reached 201.16 billion, down 6 percent from P214.07 billion last year.
“Almost all major businesses saw significant recoveries in the first three months, led by Petron Corp. and San Miguel Foods. Ginebra San Miguel Inc. and SMC Global Power likewise registered strong growth,” the company said.
“We’re encouraged by these improvements, as they reflect that our businesses are definitely headed towards full recovery. Despite the challenges ahead, we’re determined to sustain our performance and continue taking on meaningful projects and investments that will help our economy recover,” added Ramon Ang, San Miguel president.
The company said the decline in revenues was due to reduction in volumes in Petron, San Miguel Brewery and SMC Infrastructure affected by prevailing restrictions.
“This was, however, still an improvement from the decline in the 1st quarter and full year 2020 at 15 percent and 29 percent, respectively,” the company said.
EBITDA (earnings before interest, taxes, depreciation and amortization) was at P41.0 billion, up 52 percent from last year’s P26.97 billion.
San Miguel Food and Beverage Inc. reported profit of P9.68 billion, up 66 percent from P5.83 billion last year. ales were at P76.36 billion, up 11 percent from P69.02 billion.
SMC Global Power Holdings Corp. posted profit of P7.78 billion, up 141 percent from P3.22 billion last year. Sales were at P27.37 billion, down 3 percent from P28.3 billion last year.
SMC Global posted an off-take volume of 6,344 Gwh for the period, down 5 percent, mainly due to continuing quarantine restrictions and lower spot sales.
Petron posted profit of P1.73 billion compared to a P4.88 billion loss last year, with sales at P83.31 billion, down 20 percent from P104.62 billion last year.
San Miguel said while sales volumes continue to improve, the slowdown in demand due to the COVID-19 pandemic, is still evident as Petron only managed to sell 19.4 million barrels for the period, 21 percent lower than the 24.7 million barrels sold in the same period last year.
SMC Infrastructure posted revenues of P4.33 billion, down 7 percent from P4.66 billion last year.
