San Miguel profit soars over 15-fold to P17.2 B

San Miguel Corp. reported a net income of P17.2 billion in the first quarter, a 1,471 percent increase from P1.1 billion a year ago, further boosting its recovery from the COVID-19 pandemic.

Almost all major businesses saw significant rebound during the period led by Petron Corp. and San Miguel Foods. Ginebra San Miguel Inc. and SMC Global Power likewise registered strong growth.

SMC’s businesses include oil through Petron, food and beer through San Miguel Food and Beverage, liquor through Ginebra San Miguel and infrastructure through SMC Infrastructure.

“We’re encouraged by these improvements, as they reflect that our businesses are definitely headed toward full recovery. Despite the challenges ahead, we’re determined to sustain our performance and continue taking on meaningful projects and investments that will help our economy recover,” said SMC president and COO Ramon Ang.

On the other hand, consolidated revenues declined by six percent to P201.2 billion as volumes of Petron, San Miguel Brewery and SMC Infrastructure were still affected by prevailing restrictions.

This was, however, still an improvement from the decline in the first quarter and full year 2020 at 15 percent and 29 percent, respectively.

SMFB posted a net income of P9.7 billion, up 66 percent during the period.

San Miguel Brewery Inc. likewise grew its net income by 45 percent to P5.5 billion.

Ginebra San Miguel posted a net income of P1 billion for the first quarter, up 120 percent year-on-year--its highest ever in a single quarter, brought about by a combination of strong consumption, wider distribution, better selling prices and lower alcohol cost.

San Miguel Foods contributed to SMC’s solid first quarter performance with consolidated revenues of P36.2 billion, up nine percent versus the comparable period in 2020.