San Miguel Corp. (SMC) said profit in the first nine months of the year grew 141 percent to P31.2 billion from P12.94 billion.
SMC said the significant growth was driven by the exceptional performance of key subsidiaries Petron Corp., San Miguel Brewery Inc. (SMB), Ginebra San Miguel Inc. (GSMI), SMC Infrastructure, and Eagle Cement Corp.
Revenues dipped by 5 percent to P1.1 trillion from P1.16 trillion, attributed to lower selling prices from Petron along with a decrease in sales volumes for San Miguel Foods (SMF) and San Miguel Global Power (SMGP), partly offset by higher sales in other businesses, it also said.
Earnings before interest tax depreciation and amortizationhit P154.2 billion, up 22 percent.
“San Miguel’s resilient performance in the face of economic challenges is very encouraging.
Our achievements highlight our consistent focus on quality and strategic business growth.
We remain dedicated to delivering exceptional service to our customers while contributing to broader national initiatives,” said Ramon Ang, San Miguel chief executive officer.
The food and beverage business posted revenues of P276.7 billion for the period, up 6 percent, attributed to the improved selling prices across its beer, spirits, and food divisions.
SMGP posted profit of P9.1 billion, reversing last year’s P2.6 billion loss, due to lower foreign exchange revaluation.
Petron Corp. posted profit of P9.5 billion, up 16 percent from P8.2 billion last year.
The conglomerate’s infrastructure-related business posted revenues of P25.1 billion, up 20 percent, as its tollroad business experienced an 11 percent increase in average traffic volume.
The cement business, composed of Eagle Northern Cement Corp. and Southern Concrete Industries Inc., generated nine-month consolidated revenues of P28.9 billion, 255 percent higher than last year, mainly due to the consolidation of Eagle in 2023. The group swung to an operating income of P4.6 billion, coming from an operating loss of P19 million in the corresponding period last year,” San Miguel also said.
