Conglomerate San Miguel Corp. said Thursday first-half net income reached P29.6 billion, a sharp turnaround from the P4-billion net loss it incurred in the same period last year as all major businesses posted strong recovery from the impact of the pandemic.
San Miguel said in a statement first-half consolidated revenues rose 16 percent to P410.1 billion, driven by higher sales from power, infrastructure, food and beverage and fuel and oil businesses.
Operating income jumped 309 percent to P61 billion, brought about by improved margins, effective company-wide cost savings initiatives and continuous improvements in operational efficiencies.
“While there is no doubt that the uncertainties brought about by the pandemic will continue to have an impact on our businesses, our strong performance in the first half reflects the effectiveness of the strategies we’ve put in place and our ability to quickly adapt to the evolving needs of our consumers,” said San Miguel president and chief operating officer Ramon Ang.
San Miguel Food and Beverage Inc. generated first-half net income of P17.4 billion, up 137 percent from the same period last year. Revenues climbed 20 percent to P146.8 billion, on the back of continuous volume improvements, better selling prices across the food and beer divisions and sustained all-time high volumes from the spirits division.
Power generation firm SMC Global Power Holdings Corp. booked a net income of P12.2 billion in the first six months, a 35-percent improvement from a year ago. The 5-percent increase in consolidated revenues to P60.3 billion was driven by higher spot volumes and improved nominations from customers.
Petron Corp. achieved a first-half consolidated net income of P3.9 billion, a significant improvement from the P14.2-billion net loss it reported in the same period last year. With continued price recovery, consolidated revenues rose 14 percent to P174.1 billion.
SMC Infrastructure delivered revenues of P8.5 billion in the first half, up 27 percent from last year.
Average daily traffic flow in all operating toll roads continued to improve, while volumes increased for Manila North Harbor and Bulacan Bulk Water.
The Skyway Stage 3 project, which was opened to the public on Jan. 14, 2021, started collecting toll on July 12, 2021.