Diversified conglomerate San Miguel Corp. said its consolidated net income for 2024 hit P36.7 billion, a 17.9 percent drop from P44.7 billion in 2023 based on comparative figures in its financial statement.
In a regulatory filing yesterday, the diversified group said its “core net income” actually increased, if certain factors were added to the equation. However, these factors were not mentioned in the filing.
San Miguel said its core net profit surged 22 percent to P52.3 billion in 2024 from P42.87 billion in 2023, reflecting a “strong operational performance.”
It said its consolidated revenues in 2024 hit P1.6 trillion, up 9 percent from the preceding year’s P1.47 trillion, with the increase attributed to “higher sales volumes across core businesses.”
“Growth was led by power, spirits, and fuel and oil, while beer and infrastructure also made solid contributions,” San Miguel chairman Ramon S. Ang said in a statement.
Consolidated operating income hit P160.8 billion, up 11 percent. Earnings before interest tax depreciation and amortization (EBITDA) increased 10 percent to P225.9 billion.
“Our strong 2024 performance reflects strategic growth, operational efficiency, and disciplined execution. We remain focused on strengthening and making our businesses more efficient while driving sustainability and long-term growth,” Ang said.
San Miguel Food and Beverage Inc. posted a net income of P40.9 billion, up 7 percent. Sales hit P400.9 billion, up 6 percent.
San Miguel Global Power Holdings Corp. reported net income of P12.4 billion, up 25 percent. Revenues were up 21 percent at P205.1 billion, driven by a 45 percent rise in off-take volume to 36.6 million megawatt-hour (MWh), partially offset by lower average realized prices due to declining pass-through coal prices.
Petron Corp. posted a 16 percent drop in profit to P8.5 billion. Revenues hit P868 billion, up 8 percent.
The infrastructure business under San Miguel Infrastructure posted an operating income of P20.3 billion, up 12 percent, while earnings before EBITDA reached P29.7 billion, up 8 percent.
Revenues grew 7 percent to P37.5 billion.
The cement business under Eagle Cement Corp., Northern Cement Corp., and Southern Concrete Industries Inc. recorded an operating income of P6.6 billion, up 10 percent; and EBITDA of P9.7 billion, up 1 percent.
Cement sales were down 6 percent at P34.9 billion.
