10 hours ago
3
Already have Rappler+?
to listen to groundbreaking journalism.
This is AI generated summarization, which may have errors. For context, always refer to the full article.
HEADQUARTERS. San Miguel Corporation's office in Mandaluyong City.
SMC
'We remain focused on strengthening and making our businesses more efficient, while driving sustainability and long-term growth,' says San Miguel Corporation chairman and CEO Ramon Ang
MANILA, Philippines – San Miguel Corporation’s (SMC) net income grew 22% to P52 billion in 2024 thanks to higher sales volumes across its units.
Tycoon Ramon Ang’s conglomerate booked P1.6 trillion in consolidated revenues last year, a 9% increase led by SMC’s power, infrastructure, and food and beverage units.
Higher sales and expansion initiatives of San Miguel Food & Beverage (SMFB) drove the unit’s consolidated sales up 6% to P400.9 million. Net income also grew 7% to P40.9 billion due to strong demand for Purefoods Tender Juicy Hotdogs, Magnolia Dairy, and San Mig Coffee.
Sales of San Miguel Brewery and Ginebra San Miguel also grew to P153.4 billion and P62.5 billion, respectively, due to strong consumer demand.
Meanwhile, San Miguel Power Holdings’ sales jumped 21% to P205.1 billion because of a 45% rise in offtake volume to 36.6 megawatt-hours. However, this was partially offset by lower average realized prices due to a drop in pass-through coal prices.
Despite growth in other businesses of the Ang-led conglomerate, Petron Corporation’s net income dropped 16% in 2024 to P8.5 billion even though sales grew that year. Petron attributed this to volatile global prices amid ongoing geopolitical conflicts.
“Dubai crude peaked at $89 in April before dropping $73 by year-end, putting pressure on, and compressing refinery margins,” SMC said in a disclosure to investors.
SMC’s cement business — comprising Eagle Cement Corporation, Northern Cement Corporation and Southern Concrete Industries — posted a 6% decline in sales due to lower average selling prices amid the influx of imported trade cement.
For SMC chairman and chief executive officer (CEO) Ramon Ang, the company’s 2024 performance reflected its operational efficiency and disciplined execution.
“We remain focused on strengthening and making our businesses more efficient, while driving sustainability and long-term growth,” he said. – Rappler.com
How does this make you feel?
Loading
