San Miguel Corp. recorded profit of P8.89 billion in the first quarter, down 49.89 percent from P17.74 billion in the same period last year.
Revenues grew 13 percent to P392.71 billion from P346.72 billion, with operations in the liquor, food, power, fuels, and infrastructure businesses posting volume growth.
“Operational efficiencies and strategic cost management have led to a 15 percent rise in its operating income to P40.5 billion. EBITDA (earnings before interest taxes depreciation and amortization) grew by 8 percent to P54.8 billion,” the company said.
“San Miguel’s performance in the first quarter sets a solid foundation for the remainder of the year. Our strategic business decisions and market leadership continue to drive sustainable value creation for our shareholders. With our diversified business model, we are optimistic that 2024 will sustain our history of growth,” said Ramon Ang, San Miguel chief executive officer.
San Miguel Food and Beverage Inc. posted profit of P10 billion over revenues of P95.4 billion. The food segment alone posted sales of P43 billion, up 2 percent.
San Miguel Global Power Holdings Corp. recorded profit of P1.5 billion over revenues of P44.1 billion underpinned by the 71 percent increase in off-take volumes with Meralco and a new retail electricity supplier of Limay power plant.
“The completion of 10 battery energy storage system (BESS) facilities with a combined capacity of 330 MWh, boosted BESS’ revenues from ancillary services rendered to NGCP (National Grid Corp. of the Philippines). This was, however, tempered by lower average realization price due to the decline in GC Newcastle coal indexed price and average spot prices,” it added.
