San Miguel Corp.’s 2019 net income stayed relatively unchanged at P48.6 billion as the strong showing of its beer and power businesses made up for the weaker performance of its food and oil units.
Consolidated revenues were also steady at P1.02 trillion.
Operating income, however, was slightly lower at P115.7 billion due to the challenging operating environment faced by Petron and San Miguel Foods.
SMC Global Power Holdings Corp. grew its profit by 73.3% to P14.4 billion on higher sales volumes and longer operating hours for the Sual and Ilijan power plants.
Volatile international prices and higher taxes weighed down on Petron’s weak performance. Net income plunged to P2.3 billion.
Meanwhile, SMC Infrastructure saw a 5% rise in vehicular traffic volume.
