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Richmond Mercurio - The Philippine Star
March 18, 2025 | 12:00am
The diversified conglomerate posted a 22-percent jump in core earnings to P52.3 billion last year, while net income stood at P36.7 billion, including foreign exchange adjustments.
STAR / File
MANILA, Philippines — Strong operational performance and a robust revenue growth powered San Miguel Corp. (SMC)’s core net income to a double-digit expansion in 2024.
The diversified conglomerate posted a 22-percent jump in core earnings to P52.3 billion last year, while net income stood at P36.7 billion, including foreign exchange adjustments.
Revenues of the group went up by nine percent year-on-year to P1.6 trillion, driven by higher sales volumes across its core businesses.
SMC’s growth in 2024 was led by power, spirits as well as fuel and oil, while beer and infrastructure also made solid contributions.
“Our strong 2024 performance reflects strategic growth, operational efficiency and disciplined execution. We remain focused on strengthening and making our businesses more efficient, while driving sustainability and long-term growth,” SMC chairman and CEO Ramon Ang said.
Net income of San Miguel Food and Beverage Inc. increased by seven percent to P40.9 billion as sales accelerated by six percent to P400.9 billion on the back of higher volumes and market expansion initiatives.
San Miguel Global Power Holdings Corp. also delivered a strong 2024 performance, with net income heating up by 25 percent year-on-year to P12.4 billion.
Revenues were up by 21 percent to P205.1 billion, fueled by a 45-percent rise in offtake volume, but was partially offset by lower average realized prices due to declining pass-through coal prices.
Petron Corp., meanwhile, saw its net income drop by 16 percent to P8.5 billion last year.
Its revenues, however, improved by eight percent to P868 billion as sales volume expanded to 139.9 million barrels, led by strong performance from its Philippine operations and Singapore trading subsidiary.
San Miguel Infrastructure, likewise, continued its steady growth, with revenues rising by seven percent to P37.5 billion and operating income increasing by 12 percent to P20.3 billion.
SMC’s cement business, which includes Eagle Cement, Northern Cement and Southern Concrete Industries, recorded a six-percent decline in net sales to P34.9 billion caused by lower average selling prices due to the influx of imported traded cement.
Despite the revenue decline, operating income of the cement business went up by 10 percent to P6.6 billion due to effective cost control measures.
