San Miguel Corp. reported profit of P21.88 billion in 2020, down 55 percent from P48.57 billion in 2019.
Sales reached P725.8 billion, down 29 percent from the prior year’s P1.02 trillion.
Ramon Ang, San Miguel president, said 2020 “has not been a good year” due to the pandemic but there are encouraging development as San Miguel’s businesses “sustained recoveries” in the second half of the year.
From a net loss of P4 billion in the first half, San Miguel bounced back to profit in the second half, at P25.87 billion. Sales were at P373 billion, up 6 percent from the first half’s P352.8 billion.
In 2020, San Miguel Food and Beverage Inc. posted profit of P22.4 billion, down 31 percent from P32.28 billion last year, over revenues of P279.29 billion, down 10 percent from P310.78 billion in 2019.
SMC Global Power Holdings Corp. posted profit of P18.87 billion, up 31 percent from P14.36 billion while sales stood at P115.03 billion, down 15 percent from P135.06 billion in 2019.
SMC Global had a full-year off-take volumes of 26,116 gigawatt-hours.
Petron Corp. recorded losses of P11.41 billion on sales of P286.03 billion, down 44 percent from P514.36 billion the prior year.
SMC Infrastructure posted income from operations of P2.57 billion, down P78 percent from P11.44 billion in 2019. Sales were at P14.56 billion, down 38 percent from P23.41 billion.