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
