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Mar 24, 2017 @ 9:12

SMC to hit $1.2B profit in 2017


Diversified conglomerate San Miguel Corp. sees another year of accelerated growth and profitability.

In an interview with CNN Philippines’ Pinky Webb, SMC president Ramon S. Ang said the company would sustain its strong growth momentum this year on higher contributions across its business

” I think to be very conservative, we should be hitting at least P60 billion in net income. We should be able to get much more from our tollway, food and power business,” Ang said.

SMC grew its net profit last year by 80 percent to P52 billion, buoyed by higher revenues and better margins across its major businesses.

It sold to industry giants PLDT Inc. and Globe Telecom idle telecommunication assets, including the most coveted frequencies, for $1.5 billion.

Southeast Asia’s biggest food and beverage conglomerate has set a P543 billion capital spending to spur faster growth.

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