Conglomerate San Miguel Corp. said net income was flat at P48.57 billion in 2019 as the steep decline of its fuel and oil business tempered the positive contribution of food and beverage and power generation businesses.
San Miguel said in a disclosure to the stock exchange consolidated revenues were also flat at P1.02 trillion last year while income from operation dipped 1 percent to P115.7 billion.
San Miguel Food and Beverage delivered a 6-percent growth in net income to P32.2 billion from P30.5 billion in 2018 as revenues climbed 9 percent to P310.7 billion.
The unit’s beer business posted a 14-percent increase in net income to P27 billion as net sales went up by 10 percent to P142.2 billion.
Ginebra San Miguel also booked net income of P1.67 billion in 2019, up 59 percent from P1.05 billion in 2018 as net sales rose 17 percent to P29 billion.
Food business, however, suffered a 41-percent decline in net income to P3.4 billion even as net sales inched up by 5 percent to P139.4 billion.
San Miguel’s packaging group posted net sales of P37.8 billion in 2019, slightly higher than P37.3 billion registered a year ago. Income from operations rose 9 percent to P3.5 billion.
San Miguel Global Power Holdings Corp. booked P14.36 billion in net income, an increase of 73 percent from P8.3 billion while net sales improved by 12 percent to P135 billion.
The power generation firm posted consolidated off-take volume of 28,112 gigawatt-hours, up 18 percent from the same period last year.
This was the result of higher bilateral sales volumes and longer operating hours for the Sual and Ilijan power plants. The full year operation of Unit 2 of the Malita, Davao plant and Unit 3 of the Limay plant, along with added capacity from Unit 4 of Limay, also boosted the power unit’s performance.
Petron Corp.’s net income suffered a 67-percent decline to P2.3 billion from P7.06 billion the previous year.
The conglomerate said Petron faced many challenges throughout the year, including volatile international prices that resulted in significantly weaker margins, a major shutdown of its Bataan refinery due to an earthquake, the implementation of the second tranche of the excise tax increase and the continued proliferation of white stations.
Net sales also dropped eight percent to P514.3 billion while income from operations decreased by 14 percent to P16.2 billion.
San Miguel Infrastructure also reported a 5-percent dip in net sales to P23 billion while income from operations declined by 3 percent to P11.4 billion.