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Friday, March 29, 2024

San Miguel’s recurring net income jumps 20% to P52.4b

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Conglomerate San Miguel Corp. said Tuesday it posted a recurring net income of P52.4 billion in the first nine months, up 20 percent from P43.7 billion it earned in the same period last year.

San Miguel said in a disclosure to the stock exchange net consolidated sales climbed 28 percent in January to September to P761.1 billion from P596.9 billion recorded a year ago, as major businesses”•food and beverage, packaging, fuels and petrochemicals, power generation, and infrastructure”•posted strong sales.

Income from operations also went up 18 percent to P98 billion.

Net income of newly consolidated San Miguel Food and Beverages Inc. reached P22.9 billion, up 17 percent year-on-year.

The weak performance of the group’s food business was offset by positive results from its liquor and beer units.

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SMFB’s food unit reported 7-percent decline in net income to P4.3 billion, while beer unit delivered a 23-percent growth in net income to P17.7 billion.  Liquor unit reported an 81-percent increase in net income to P789 million.

San Miguel president and chief operating officer Ramon Ang said Monday SMFB was expected to post a double-digit growth in profit and volume this year despite the rising inflation rate.

San Miguel also reported that its packaging unit posted net sales of P27.1 billion, up 21 percent from a year ago while power unit SMC Global Power Holdings Corp. increased its sales by 43 percent to P89.1 billion.

The conglomerate’s infrastructure group booked revenues of P18.1 billion, higher by 10 percent than P16.5 billion a year earlier, while Petron Corp. chalked up a net income of P12 billion, up 3 percent from P11.7 billion.

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