San Miguel Q1 net income hits P13.8B


CONGLOMERATE San Miguel Corp. (SMC) said its net income grew 2 percent year-on-year to P13.8 billion in the first quarter, driven by the solid performance of its fuel and oil, infrastructure, and core food, beverage and packaging businesses.

Excluding the impact of foreign exchange fluctuations, net income in the period grew 62 percent to P14.8 billion, SMC said.

The conglomerate said in a disclosure to the Philippine Stock Exchange (PSE) on Thursday its consolidated operating income rose 21 percent to P27.5 billion, while consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) increased 13 percent to P35.5 billion.

Beer-making unit San Miguel Brewery Inc. (SMB) reported consolidated volumes of 58.6 million cases in the first quarter, 2 percent higher than the previous year. Consolidated revenues were up 9 percent at P25.4 billion and operating income was up 10 percent at P6.7 billion. Net income was P4.5 billion, up 12 percent from last year.

Ginebra San Miguel Inc. likewise posted significant gains, with sales volume growth of 32 percent to 7 million cases. Revenues went up 31 percent to P5.1 billion, while net income more than doubled to P129 million.
Food business San Miguel Pure Foods saw its net income grow 20 percent to P1.5 billion on prevailing favorable prices for poultry, fresh meat, and value-added meat.

Its packaging business, San Miguel Yamamura Packaging Group, achieved revenues of P6.8 billion, up 5 percent from last year, on higher sales from its metals and plastics businesses and double-digit growth from its Australian operations.

SMC Global Power posted consolidated off-take volumes of 3,961 GWh (gigawatt-hours) in the first quarter, 11 percent lower than last year, mainly due to the scheduled annual maintenance shutdown of the Ilijan Power
Plant and Malampaya gas facility. Consequently, revenues fell 3 percent to P19.4 billion.

For its fuel and oil operations, SMC-owned Petron more than doubled its net income to P5.6 billion.

SMC’s infrastructure business reported consolidated revenues of P5.3 billion and operating income of P2.6 billion, up by 14 percent and 6 percent, respectively.

SMC said that work on its major projects—including Skyway Stage 3, the remainder of TPLEX (Tarlac-Pampanga-La Union Expressway), SLEX-TR4 (South Luzon Expressway—Toll Road 4), MRT-7 (Metro Rail Transit System Line 7), the new passenger terminal at the Boracay Airport, and the Bulacan Bulk Water project—are all on schedule.

Last year, SMC also signed an agreement with the Philippine National Construction Corp. (PNCC) for the expansion of all toll roads under their joint venture partnership.


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