SMC revenue tops pre-pandemic levels
San Miguel Corp. (SMC), the country’s diversified conglomerate, surpassed its 2019 prepandemic top line of P1 trillion, booking consolidated revenues of P1.5 trillion last year.
This is 60 percent higher than the P941 billion recorded in 2021.
SMC president and CEO Ramon Ang said the company’s strong top line performance is an indication of the company’s continuous recovery as well as the strong consumer demand for its products and services.
“While challenges remain, we’re confident in the measures and programs we’ve put in place to weather these. We remain strongly committed to executing on the long-term growth strategy we’ve laid out for our company, that will also significantly benefit our country,” Ang said.
Consolidated income from operations rose 10 percent to P134.5 billion, driven by the sustained performance of key businesses such as Petron, San Miguel Food and Beverage, San Miguel Packaging, and SMC Infrastructure, as well as group-wide cost management efforts to mitigate the effects of increasing raw material costs, inflation pressures, and forex movements.
Net income, however, was down by 44 percent to P26.8 billion. Excluding the impact of foreign exchange and the CREATE Law, net income is at P43.2 billion, down eight percent.
San Miguel Food and Beverage Inc. (SMFB) posted consolidated revenues of P358.9 billion, a 16 percent increase over the previous year, driven by sustained volume growth and better selling prices across the beer, spirits, and food divisions. Net income rose 10 percent to P34.7 billion.
San Miguel Brewery Inc. (SMB), meanwhile, sustained its recovery in 2022, raking in consolidated revenues of P136.2 billion, up 17 percent. Net income was likewise up six percent to P21.8 billion.
Similarly, Ginebra San Miguel Inc. (GSMI) recorded full-year revenues of P47.3 billion, 11 percent higher than the previous year.
The food business, San Miguel Foods (SMF) sustained its robust topline performance throughout 2022, delivering consolidated revenues of P175.3 billion, 16 percent higher than the previous year. Amid rising inflation, volumes across most segments grew, boosted by intensified distribution, aggressive promotional activities, the launch of new products, and utilization of additional capacity from new facilities. Its net income rose 21 percent to P2.2 billion.
San Miguel Global Power Holdings Corp. (SMCGP) recorded consolidated revenues of P221.4 billion, up by 66 percent from P133.7 billion in the previous year, brought about by an increase in average realization prices, higher spot sales prices, and improved power nominations. Offtake volumes reached 27,402 Gwh, higher by 181 Gwh from the year prior.
Net income, however, amounted to P3.1 billion, down 80 percent percent from the previous year.
Petron’s consolidated revenues jumped 96 percent to P857.6 billion from P438.1 billion in 2021, on the back of fuel demand growth and higher crude prices.
Consolidated net income amounted to P6.7 billion, nine percent better than the P6.1 billion it reported in 2021.
SMC Infrastructure, meanwhile, delivered consolidated revenues of P29.0 billion, 47 percent higher than 2021 level.