San Miguel Corp.(SMC) said it is confident it will be able to sustain its growth momentum for the rest of the year based on earnings recorded in the first quarter of 2025.
San Miguel chairman Ramon Ang told shareholders on Monday the company is set to benefit from the contribution of its recent acquisition and projects that are scheduled to go online.
Ang also pointed to the additional revenues to be contributed by the Ninoy Aquino International Airport, which SMC took over in September last year.
The 66-kilometer tollway from Sto. Tomas, Batangas to Lucena, Quezon will also be completed by next year and will provide a new source of revenue, Ang said.
SMC is also preparing to build the South Luzon Expressway toll road number five, which is a 420-kilometer tollway that will stretch from Lucena, Quezon, all the way to Matnog, Sorsogon.
“We are also starting a lot of new businesses while our existing businesses are very stable,” Ang added.
The company is also focused on completing its $15 billion Bulacan airport project, which will be a game-changer in the country’s transportation and tourism sector, Ang said.
He said once the airport is completed, it could facilitate the arrival of more tourists, allowing businesses to generate more revenues from tourism and reduce its dependence on overseas workers and the business process outsourcing industry.
The conglomerate, Ang said, continues to expand its existing tollways for extra capacity, while adding more renewable energy sources to its power generation business.
“Most of our 1,000 megawatt battery storage is now energized, helping stabilize the grid while supporting the integration of renewables, solar, and wind. We will build several hydro facilities, including a 2,000-megawatt pump hydro project in San Roque, Pangasinan, to provide clean and reliable energy. We are also expanding our solar project to deliver clean power that helps meet demand across many industries,” he said.
San Miguel closed the first quarter of the year with a profit of P43.4 billion, up 388.19 percent from P8.89 billion a year ago.
While the reported bottom line got a one-time boost from the partial sale of power assets and foreign exchange gains, Ang said last month the group had a “good start.”
The one-time gain was sufficient to offset the 8 percent drop in revenues to P360.9 billion from P392.28 billion, attributed to weaker crude prices that impacted the fuel and oil business, as well as lower contributions from the power business following the deconsolidation of the Ilijan Power plant.
