San Miguel Corp. registered profit of P29.6 billion in the first half of 2021, a reversal of the P3.99 billion loss registered last year, attributed to robust recoveries amid the continuing restrictions related to the pandemic.
Revenues reached P410.12 billion, up 16 percent from P357.8 billion.
“Operating income surged 309 percent to P61.01 billion (from P14.93 billion), brought about by improved margins, effective company-wide cost savings initiatives, and continuous improvements in operational efficiencies,” the company said.
Earnings before interest tax depreciation and amortization (EBITDA) hit P80.66 billion, up 91 percent from P42.19 billion.
“While there is no doubt that the uncertainties brought about by the pandemic will continue to have an impact on our businesses, our strong performance in the first half reflects the effectiveness of the strategies we’ve put in place and our ability to quickly adapt to the evolving needs of our consumers,” said Ramon Ang, San Miguel president.
Food unit under San Miguel Food and Beverage Inc. posted profit of P17.36 billion, 137 percent up from P7.34 billion last year. Revenues reached P146.79 billion, up 20 percent from P122.82 billion last year.
SMC Global Power Holdings Corp. posted profit of P12.22 billion, up 35 percent from P9.06 billion last year. Sales reached P60.28 billion, up 5 percent from P57.18 billion.
Petron Corp. posted a profit of P3.9 billion, a reversal from the P14.2 billion net loss last year.
The infrastructure business recorded a revenue of P8.5 billion, up 27 percent from last year’s P6.68 billion.
