Conglomerate San Miguel Corp. said Thursday net income grew 6 percent in the first half to P27.58 billion from P26.09 billion recorded in the same period last year on the back of a double-digit growth in revenues.
San Miguel said in a statement recurring net income, which excluded the effects of unrealized mark-to-market losses as a result of foreign exchange translation, surged 29 percent in January to June to P35.53 billion from P27.6 billion a year ago, on robust performance of core businesses.
“Increased business focus and a lot of hard work were key to our group’s stellar performance. We’re encouraged by the results we’ve had so far, and are very hopeful that this momentum will carry through for the rest of the year,” San Miguel president and chief operating officer Ramon Ang said.
Consolidated revenues jumped 27 percent in the first six months to P499 billion from P393.4 billion in the same period last year. Income from operations rose 25 percent to P67 billion.
The conglomerate’s newly consolidated food and beverage unit San Miguel Food and Beverage Inc. recorded a net income of P15.37 billion in the first two quarters, up 20 percent year on year.
First-half consolidated revenues hit P137.4 billion, up 15 percent from the same period last year, while operating income went up 20 percent to P22.9 billion.
SMFB’s food business accounted for 46 percent of total revenues, while brewery contributed 45 percent. The group’s liquid unit also accounted for the remaining 9 percent.
Oil and gas firm Petron Corp. posted a 16-percent increase in net income to P9.5 billion, on 32-percent increase in net sales to P273.5 billion.
The group’s packaging business also delivered net sales of P17.55 billion, an increase of 25 percent, while income from operations went up 17 percent to P1.64 billion.
SMC Global Power Holdings registered a 41-percent increase in net sales to P57.4 billion on additional revenues from Masinloc, Limay and Malita plants.
Infrastructure arm SMC Infrastructure also booked net sales of P12.14 billion in the first semester, up 11 percent from a year ago, on the back of continuous growth in traffic volume at all operating toll roads. Income from operations increased 19 percent to P6.22 billion.
Meanwhile, SMFB said Wednesday its board approved the issuance of up to 1.2 billion worth of shares. Based on the stock’s closing price of P74.50 per share, the sale of 1.2 billion worth of shares could raise as much as P89.4 billion in proceeds.
The sale of 1.2 billion worth of secondary shares, owned by its parent firm, is equivalent to 20 percent of SMFB’s total outstanding common shares.
The planned share sale will enable the company to comply with the minimum public ownership requirement of the Philippine Stock Exchange for listed companies.
The public float of SMFB is currently less than 5 percent after implementing a share swap with San Miguel to facilitate the merger San Miguel Foods Co., San Miguel Brewery Inc. and Ginebra San Miguel.