San Miguel Corp. said profit last year reached P26.8 billion, down 44 percent from P48.16 billion in 2021.
The company, however, said it grew its topline by 60 percent to P1.5 trillion from P941 billion in 2021.
This is the first time for the company hit P1 trillion revenue post-pandemic since achieving the feat in 2019.
“Consolidated income from operations rose 10 percent to P134.5 billion, driven by the sustained performance of key businesses such as Petron Corp., San Miguel Food and Beverage, San Miguel Packaging, and SMC Infrastructure, as well as group-wide cost management efforts to mitigate the effects of increasing raw material costs, inflation pressures, and forex movements,” it said.
“Consolidated core net income amounted to P43.2 billion, while reported net income ended at P26.8 billion, reflecting the impact of unrealized losses on the revaluation of its foreign currency-denominated long-term debt. Earnings before interest, taxes, depreciation and amortization went up 3 percent to P165.0 billion,” it added.
“Our strong top line performance is a clear indication of our economy’s continuous recovery as well as the strong consumer demand for our products and services. While challenges remain, we’re confident in the measures and programs we’ve put in place to weather these. We remain strongly committed to executing on the long-term growth strategy we’ve laid out for our company, that will also significantly benefit our country,” said Ramon Ang, San Miguel president.
In the company’s presentation to analyst yesterday, San Miguel said its food and beverage business posted profit of P34.66 billion, up 10 percent from P31.42 billion the prior year.
San Miguel Packaging Group recorded sales of P37.04 billion, up 10 percent from P33.7 billion.
The electricity business under San Miguel Global Power Holdings Corp. posted profit of P3.13 billion, down 80 percent from P15.98 billion.
Petron posted a 9 percent increase in profit to P6.7 billion, compared to P6.14 billion the prior year.
The infrastructure business posted a 110 percent increase in profit to P14.24 billion from P6.79 billion.
