By Jenniffer B. Austria
Diversified conglomerate San Miguel Corp. said Thursday net income declined 44 percent in 2022 to P26.76 billion from P48.15 billion in 2021 despite the 60-percent surge in revenues to a record P1.5 trillion from P941 billion.
Core net income, which excludes the impact of unrealized losses on the revaluation of foreign currency-denominated long-term debts and tax gains from the CREATE Law, went down by 8 percent to P43.2 billion.
Consolidated revenues also surpassed the 2019 pre-pandemic result of P1 trillion. Income from operations rose 10 percent to P134.5 billion.
“Our strong top line performance is a clear indication of our economy’s continuous recovery as well as the strong consumer demand for our products and services,” SMC president and chief executive Ramon Ang said.
“While challenges remain, we’re confident in the measures and programs we’ve put in place to weather these. We remain strongly committed to executing on the long-term growth strategy we’ve laid out for our company, that will also significantly benefit our country,” said Ang.
SMC’s food and beverage unit posted consolidated revenues of P58.9 billion, a 16-percent increase over the previous year’s level, driven by sustained volume growth and better selling prices across the beer, spirits and food divisions.
Net income of San Miguel Food and Beverage Inc. jumped 10 percent to P34.7 billion, while operating income grew 11 percent to P48.7 billion.
San Miguel Global Power Holdings Corp. recorded consolidated revenues of P221.4 billion, higher by 66 percent than P133.7 billion in the previous year due to increase in average realization prices, higher spot sales prices and improved power nominations.
Offtake volumes reached 27,402 gigawatt-hours, higher by 181 Gwh from the year prior.
Oil refiner Petron Corp. saw its net income increase by 9 percent year-on-year to P6.7 billion on higher sales volumes from its Philippine and Malaysian operations.
Petron’s consolidated revenues jumped 96 percent to P857.6 billion from P438.1 billion in 2021, on the back of the fuel demand growth and higher crude prices.
SMC Infrastructure registered consolidated revenues of P29.0 billion, or 47 percent higher than 2021 level as traffic volume at all operating toll roads increased 25 percent.