SMC nine-month net income up 19% in first nine months of 2024

Diversified conglomerate San Miguel Corporation (SMC) on Monday reported a 19% increase in its net for the first nine months of the year, driven by the strength of its business units during the period.

In a regulatory filing, SMC said its net income climbed to P37.1 billion, while operating income increased by 11%. Its earnings before interest, taxes, depreciation, and amortization grew 9% to P168.1 billion.

Consolidated revenues jumped by 11% to P1.2 trillion, owing to higher sales volumes in its power, fuel and oil, food, and spirits businesses.

San Miguel Food and Beverage Inc. saw an 11% increase in its consolidated net income to P30.4 billion, on the back of the 5% increase in consolidated sales to P291.1 billion, while San Miguel Foods posted an 11% revenue increase.

San Miguel Brewery Inc. grew its consolidated revenues by 3% to P111.2 billion, while Ginebra San Miguel Inc. increased its sales by 17% to P45.6 billion.

Energy unit San Miguel Global Power Holdings Corp. increased its net income by 48% to P13.5 billion, while fuel and oil unit Petron Corp. reported a decrease in its net income to P7.1 billion from P9.5 billion, weighed by a correction in refining margins.

San Miguel Infrastructure increased its operating income by 8% to P14.6 billion, while the cement business—composed of Eagle Cement Corp., Northern Cement Corp., and Southern Concrete Industries Inc.—saw a 6% decline in consolidated revenues to P27.0 billion.

“Our commitment to sustainable growth and responsible cost management is at the core of everything we do. Our strong results reflect our ability to run our businesses efficiently, seize growth opportunities, and focus on building long-term value and excellence,” SMC chairman and chief executive officer Ramon Ang said. — BM, GMA Integrated News