Showcasing its financial resilience, diversified conglomerate San Miguel Corp. (SMC), led by bilyonaryo Ramon S. Ang, recorded an 18 percent uptick in its first-semester profit to P23.3 billion.
This robust performance has been achieved against a backdrop of lower revenues, a testament to the strategic advancements achieved across diverse segments such as beer, spirits, infrastructure, and packaging.
These notable gains have effectively countered the hurdles encountered within the fuel and power sectors, underscoring SMC’s adeptness at navigating challenges while delivering sustained growth.
SMC’s consolidated revenues from January to June declined by four percent to P685.2 billion as fuel subsidiary Petron continued to be affected by declining crude oil prices and San Miguel Global Power contended with lower volumes.
San Miguel Food and Beverage Inc.’s net income ended at par from last year at P18.8 billion with sustained growth from its beer and spirits businesses.
SMC Infrastructure delivered a 23 percent rise in revenues P16.6 billion as combined average daily traffic volumes across all its operating tollroads improved 13 percent to over 998,000 vehicles.
SMC’s cement business, composed of Eagle Cement Corporation, Northern Cement Corporation, and Southern Concrete Industries, Inc., tripled its revenues to P20.2 billion from last year’s P6.9 billion.
“We’re greatly encouraged by the sustained growth we are seeing across most of our businesses. While there are challenges, we’re confident in the programs we have put in place to address them,” Ang said.
“We are also keeping our focus on executing on our projects, implementing our growth strategies, and providing our customers the high-quality service they expect from San Miguel,” he added.
