San Miguel’s Q1 profit climbed 27% to P17.7b as revenues topped P349b

CONGLOMERATE San Miguel Corp. said Monday first-quarter net income expanded 27 percent to P17.7 billion from P13.9 billion in the same period last year, driven by sustained growth in food, beverage and power generation businesses.

SMC said in a statement first-quarter consolidated revenues grew 9 percent to P349.7 billion from P316 billion a year ago on higher volumes across all businesses.

“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 chief executive Ramon Ang said.

Income from operations climbed 9 percent to P35 billion, while earnings before interest, taxes, depreciation and amortization, an alternate measure of profitability to net income, improved 13 percent to P50.7 billion.

San Miguel Food and Beverage Inc. posted an 8-percent increase in firstquarter income to P9.8 billion from a year ago level of P9.1 billion. Brewery operations posted a 38-percent increase in net income to P6.8 billion.

Ginebra San Miguel also delivered an 81-percent growth in net income to P2.5 billion even as sales inched up by 3 percent to P12.9 billion.

San Miguel Food booked a net income of P704 million in the first quarter, down 76 percent from P3 billion a year ago on rising input costs.

Power generation subsidiary San Miguel Global Power Holdings Corp. booked a 177-percent increase in net income to P5.34 billion despite a 4-percent decline in sales to P41.1 billion.

Oil refiner Petron Corp. registered a 6-percent decline in first-quarter income to P3.4 billion, while sales went up by 10 percent to P188.7 billion.