SMC recurring profit up 29% to P35.5B
San Miguel Corp. (SMC) grew its recurring net income by 29 percent to P35.5 billion in the first half on higher earnings from its oil, beverage, fuel, power and infrastructure units.
In a statement, SMC said consolidated revenues jumped 27 percent to P499 billion, largely due to higher volumes and favorable selling prices.
Including effects of unrealized mark-to-market losses as a result of foreign exchange translation, reported net income rose six percent to P27.6 billion.
“Increased business focus and a lot of hard work were key to our group’s stellar performance. We’re encouraged by the results we’ve had so far, and are very hopeful that this momentum will carry through for the rest of the year,” said Ramon S. Ang, president and CEO of SMC.
Combined sales revenues of San Miguel Food and Beverage expanded by 15 percent to P137.4 billion.
San Miguel Brewery delivered a solid performance with net income soaring 26 percent to P11.8 billion.
Ginebra San Miguel Inc. nearly doubled its net earnings to P506 million on higher consumption of core brands Ginebra San Miguel and Vino Kulafu.
San Miguel Yamamura Packaging Group saw its sales revenue jump by 25 percent to P17.6 billion on strong sales from glass, plastic, metal and its Australian operations.
Revenues of SMC Global Power Holdings Corp. soared 41 percent to P57.4 billion
Oil refining giant Petron Corp. sustained ita growth momentum with its net income growing 16 percent to P9.5 billion on robust sales volumes of its Philippine and Malaysian operations and higher prices of crude oil and finished products.
Meanwhile, SMC’s infrastructure business chalked up revenues of P12.1 billion, up 11 percent on the back of continuous growth in traffic volume at all operating tollroads.