San Miguel Corporation
(SMC) reported a strong
start to the year with revenues reaching P346.7
billion in the first quarter,
up 9% from the same
period last year. Growth
was broad-based across
most of its businesses,
bolstered by higher volumes coming from Petron,
San Miguel Brewery Inc,
and SMC Infrastructure,
among others.
“Our strong first
quarter results reflect our
commitment to execute
well on our strategic priorities as we navigated
through a very challenging environment. With raw
material prices expected
to stabilize, we are confident we can deliver an
even better performance
in the coming months,”
SMC president and CEO
Ramon S. Ang said.
Consolidated operating income rose 8% to
P35.1 billion while reported net income ended at
P17.7 billion, up 27% from
P13.9 billion. Consolidated EBITDA reached P50.7
billion, 13% higher than
the previous year.
Food and Beverage
San Miguel
Food and Beverage, Inc.
(SMFB) posted consolidated revenues of ₱93.2
billion during the first three
months, 12% higher than
the same period last year,
brought about by robust
growth in beer volumes,
combined with higher
selling prices across the
Beer, Spirits, and Food
divisions. Net income rose
8% to ₱9.9 billion.
San Miguel
Brewery Inc.’s (SMB) consolidated revenues was up
29% to ₱38.3 billion from
₱29.7 billion, as consolidated volumes rose 26%
from the previous year,
and price adjustments
helped to partly recoup
rising input costs. SMB’s
consolidated operating
income and net income
grew 25% and 38% to
₱8.4 billion and ₱6.8 billion, respectively.
Ginebra San Miguel Inc. volumes declined
by 5% from the previous
year, reflecting the effect
of a temporary volume
slowdown due to a price
increase last February 1, 2023.
Revenues meanwhile increased by 3% to
₱12.9 billion. Net income
ended at ₱2.5 billion for
the first quarter, 81% higher than 2022 on account of
the one-time income cashflow generated in March
with the transfer of Don
Papa’s product rights.
San Miguel
Foods (SMF) posted consolidated revenues of
₱41.9 billion, a modest
3% growth from last year
mainly on higher selling
prices across product categories. Still, most businesses registered sluggish to negative volume
growth, on account of
higher inflation, aggravated by limited poultry supply. Net income ended at
₱740 million.
Power
San Miguel Global Power Holdings Corp.’s
(SMCGP) off-take volumes for the 1st quarter
ended at 4,657 Gwh, 33%
lower than last year, due
mainly to the absence of
natural gas supply to the
Ilijan power plant.
Operating income reached ₱7.6 billion, up 12% from previous
year on the back of better
margins on its available
net capacity. Net income
grew 177% to ₱5.3 billion
primarily due to net foreign
exchange gains recognized this year.
Fuel and Oil
Petron Corporation sustained its recovery momentum and
delivered solid results in
the first three months, with
consolidated revenues reaching ₱188.8 billion, up10% from last year. Thiswas mainly driven by thecontinued growth in fueldemand in both the Philippines and Malaysia operations capturing 28.6 millionbarrels, 11% higher than in
C o n s o l i d a t e d
commercial sales grew
13% owing to increased
demand from the aviation
sector. Retail sales from
both the Philippines and
Malaysia markets similarly increased by 12% due
to higher mobility. Polypropylene sales likewise
expanded by 68%. Operating income ended at
₱8.4 billion, at par with the
previous year, while net
income amounted to ₱3.4
billion, 6% lower versus
last year.
Infrastructure
SMC Infrastructure sustained its
growth momentum, with
combined average daily traffic volumes for the
1st quarter increasing by
23%. This was driven by
the resumption of on-site
work, in-person classes,
and tourism-related travel.
Correspondingly, consolidated revenues reached
₱8.2 billion, 31% higher
than last year, and operating income soared 82% to
₱4.5 billion.
Cement
San Miguel’s cement business, under San
Miguel Equity investments
Inc., posted significant
growth in the first quarter,
following the acquisition
of Eagle Cement Corporation last December 2022.
Consolidated revenues
amounted to ₱10.3 billion, a 221% increase from
₱3.2 billion in the previous
year. Operating Income
amounted to ₱1.3 billion
from ₱293 million. PR
