San Miguel Corp. (SMC) on Monday reported its net income grew nearly five times in the first quarter of 2025 despite a dip in revenues.
The conglomerate’s net income expanded to P43.4 billion from P8.89 billion a year earlier, “supported by one-time gains from the partial sale of power assets and foreign exchange gains.”
Revenues dipped 8 percent to P360.9 billion from P392.28 billion. San Miguel attributed its revenue performance to weaker crude prices that impacted its fuel and oil business.
The company also cited lower contributions from the power business after the deconsolidation of the Ilijan power plant.
“Despite some challenges, our businesses remained resilient and continued to perform well,” Ramon Ang, SMC chairman and chief executive officer, said.
Excluding the one-off adjustments, San Miguel’s bottomline should still be better, an analyst, the managing director of private Regina Capital and Development Corp., said.
Luis Limlingan said the company’s net income was above estimates despite lower revenues.
The lower contribution from SMC Global Power follows a similar trend among power generation companies lately, Limlingan said.
SMC said, “San Miguel Global Power posted P42.5 billion in revenues, down 4 percent percent year-on-year due to the deconsolidation of the Ilijan Power Plant.”
“The decline was partly offset by strong contributions from its other power facilities and battery energy storage systems,” it said.
“Operating income rose 21 percent to P10.7 billion. Reported net income reached P26.4 billion, including a P21.9 billion gain from the asset sale. Excluding the gain, net income was still up 188 percent to 4.5 billion,” the parent company said.
Petron Corp. posted a 2 percent increase in net income to P4 billion from P3.92 billion, backed by strong domestic sales, steady operations, and improved margins.
Revenues dropped 14.59 percent to P194.4 billion from P227.6 billion, mainly due to lower crude prices and softer export sales.
SMC said Petron’s domestic performance remained strong, with Philippine retail sales rising 14 percent and commercial sales up 2 percent, supported by higher demand and stronger customer engagement.
San Miguel Food and Beverage Inc. posted a 16 percent increase in net income to P11.6 billion from P10 billion. Revenues grew 4 percent to P98.9 billion from P95.1 billion.
SMC’s infrastructure business, SMC Infrastructure, posted a 7 percent increase in first-quarter revenues, “driven by the continued growth of its toll road operations.”
“Operating income increased 10 percent to P5.3 billion, while EBITDA (earnings before interest, taxes, depreciation and amortization) rose 6 percent, with margins steady at 78 percent,” it said.
Eagle Cement, Northern Cement, and Southern Concrete Industries registered a 4 percent drop in consolidated revenues to P8.9 billion from P9.27 billion.
Lower average selling prices, competition from imports, and soft demand, weighed on SMC’s cement business.
“Despite these challenges, the group posted a 1 percent increase in sales volume. Operating income stood at P1.6 billion, while EBITDA declined 5 percent to P2.5 billion,” parent SMC said.
