Diversified conglomerate San Miguel Corp. said Thursday it continued its steady recovery from the economic impact of the pandemic, as consolidated net income jumped 218 percent in the first nine months to P34.2 billion from P10.7 billion in the same period last year.
Consolidated revenues rose 22 percent to P650.6 billion, driven by volume growth across major businesses. Operating income soared 112 percent to P87.7 billion as the conglomerate continued to closely manage costs and enhance supply chain efficiencies. EBITDA or earnings before interest, taxes, depreciation and amortization improved 41 percent to P118.1 billion.
“The operating environment remains very challenging, but we’ve managed to stay resilient, focus on our goals, and quickly adapt to changing conditions. We’re determined to keep this momentum going, especially with the easing of quarantine restrictions,” said SMC president Ramon Ang.
Ang said work continued for the company to recover better through investments in strategic projects that would generate jobs and empower lives.
“We are committed to finding innovative ways to shape a more sustainable future not only for SMC but for our country. At the same time, we recognize the need to continue supporting the most marginalized communities and sectors that have yet to recover and rebuild from the impacts of the pandemic,” Ang said.
SMC’s major businesses, particularly Petron and Power, delivered quarter-on-quarter volume and revenue growth. San Miguel Brewery Inc., Ginebra San Miguel Inc. and San Miguel Foods continued to grow volumes, albeit at a slower pace, because of mobility restrictions and liquor bans implemented in July and August.
San Miguel Food and Beverage Inc.’s consolidated revenues increased 14 percent to P221.7 billion, as its food, beer and spirits divisions all registered growth. Consolidated operating income rose 60 percent to P32.8 billion, while net income went up 68 percent to P24.2 billion, a significant achievement despite the heightened pandemic restrictions in the third quarter and higher taxes imposed on alcohol.
SMC Global Power Holdings Corp. recorded off-take volumes of 20,533 gigawatt-hours, up 3 percent from the same period last year, driven by longer operating hours for the Masinloc, Limay and San Roque power plants.
Consolidated revenues increased by 7 percent to 93.9 billion, while operating income declined by 14 percent to P24.9 billion, due to higher spot purchases and rising coal prices. Net income amounted to P13.7 billion, down 5 percent. The company’s performance was partly affected by ongoing gas restrictions at the Malampaya field and the extended outage of the Sual plant.
Meanwhile, Petron Corp. reported a consolidated net income of P5 billion in the first nine months, a turnaround from the P12.6-billion net loss it reported in 2020. Sales volumes in Philippine operation posted recoveries from lubricants and retail stations which increased 28 percent and 9 percent respectively, along with a significant growth in its petrochemicals business.
Consolidated revenues rose 35 percent to P291.6 billion. The company was able to efficiently manage costs, resulting in consolidated operating income of P13.4 billion, up 229 percent from the P10.4-billion operating loss in the previous year.
SMC Infrastructure generated revenues of P13.3 billion in the first nine months, up 29 percent from the previous year, as average daily traffic volumes grew by 35 percent at all operating toll roads, particularly SLEX, STAR and the Skyway system. Operating income rose 102 percent to P4.3 billion from the same period in 2020.
