Connect with us

Hi, what are you looking for?


San Miguel reports P43-B core income

SAN MIGUEL Corp. (SMC) said on Thursday that it booked a consolidated core net income of P43.2 billion and a reported net income of P26.8 billion in 2022, without disclosing comparative figures.

In a press release, it said the income figures reflected “the impact of unrealized losses on the revaluation of its foreign currency-denominated long-term debt.”

Ramon S. Ang, SMC president and chief executive officer, said: “Our strong top line performance is a clear indication of our economy’s continuous recovery as well as the strong consumer demand for our products and services.”

Consolidated revenues last year reached P1.5 trillion, a 60% growth from the P941 billion reported in 2021.

Income from operations increased by 10% to P134.5 billion due to the performance of its subsidiaries, as well as cost management efforts.

The company’s earnings before interest, taxation, depreciation, and amortization (EBITDA) grew by 3% to P165 billion.

San Miguel Food and Beverage, Inc. posted a 16% growth in revenues to P358.9 billion due to higher selling prices of products and sustained volume growth.

The unit’s net income rose by 10% to P34.7 billion and its operating income increased by 11% to P48.7 billion.

The company’s beer unit, San Miguel Brewery, Inc., reported a 17% increase in revenues to P136.2 billion, due to volume growth while its net income rose by 6% to P21.8 billion.

Additionally, Ginebra San Miguel, Inc. registered 11% higher revenues at P47.3 billion. Its net income hit P4.5 billion, 9% higher than the previous year.

San Miguel Foods reported a 16% growth in revenues to P175.3 billion and a 21% increase in net income to P9.2 billion.

Power subsidiary San Miguel Global Power Holdings Corp. posted a 66% surge in consolidated revenues to P221.4 billion from P133.7 billion previously. Its operating income declined by 22% to P28.9 billion, while net income plunged by 80% to P3.1 billion.

It said that by the end of 2022, coal prices reached $404.07 per metric ton (MT), coming from $170.23 per MT at end-2021.

Additionally, Petron Corp. posted a 96% surge in revenues to P857.6 billion from P431.1 reported the previous year, due to higher oil prices.

Net income for Petron grew 9% to P6.7 billion from P6.1 billion while operating income rose by 12% to P19.2 billion from P17.2 billion.

“We remain strongly committed to executing on the long-term growth strategy we’ve laid out for our company, that will also significantly benefit our country,” Mr. Ang said.

On Thursday, SMC shares were unchanged at P111 apiece. — Adrian H. Halili

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



PHILIPPINE STAR/KRIZ JOHN ROSALES THE BANGKO SENTRAL ng Pilipinas (BSP) may consider a smaller 25-basis-point (bp) rate hike or even pause monetary policy tightening...


Telecommunications is considered a critical infrastructure under the implementing rules of Republic Act No. 11647, which amends the 85-year-old Public Service Act. — PHILIPPINE...


REUTERS THE PHILIPPINE banking sector is ready to withstand possible shocks arising from the recent failure of two midsized banks in the United States,...


PHILIPPINE STAR/EDD GUMBAN THE ECONOMY likely expanded by 7.1% in the first quarter, as consumption may have gotten a boost from higher remittances and...


MANILA Electric Co. (Meralco) is finalizing supply agreements to partially replace the 670 megawatts (MW) of lost capacity under a terminated contract with SMC...


A UNIT of Ayala-led ACEN Corp. opened its solar project’s first 521-megawatt direct current (MWdc) in Australia, which required the installation of about a...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.