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SMC brandishes strong H1 results amid challenging conditions

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San Miguel Corporation reported strong financial performance for the first half of 2022 driven by top-line gains across its businesses. This, amid the lingering effects of the pandemic, supply chain bottlenecks and inflationary pressures. 

Consolidated sales revenue rose 73% to P711.4 billion on sustained volume growth and better selling prices. SMC’s operating income grew by 41% to P85.9 billion mainly due to the improved performance of its fuel and oil subsidiary Petron and sustained recoveries of its food, beverage, packaging, and infrastructure businesses. EBITDA reached P91.2 billion, up 13% from the first half of 2021. 

Recurring consolidated net income was up 24% to P32.5 billion. With the effects of forex movements and the impact of the CREATE Law, which were reflected in its 2021 results, consolidated net income settled at P19.8 billion. 

“Overall, it’s been a very challenging period, with geopolitical conflict resulting in uncertainties and serious supply and costs issues that are affecting industries all over the world. Despite this, and even with the lingering effects of the pandemic, we’re encouraged by the strong and increasing demand for our products and services, as evidenced by our higher volumes and revenues in the first half. This shows that our country’s economic recovery and growth are gaining pace. We will maximize every opportunity to further strengthen our performance in the second half,” said SMC President and Chief Executive Officer Ramon S. Ang. 

San Miguel Food and Beverage Inc.

San Miguel Food and Beverage, Inc. (SMFB) posted consolidated revenues of P172 billion in the first half, a 17% increase over the same period last year, driven by volume growth and better selling prices across the Beer, Spirits, and Food divisions. 

SMFB’s consolidated operating income was up 15% to P26.6 billion, while net income grew 8% to P18.8 billion. 

San Miguel Brewery, Inc. 

San Miguel Brewery, Inc. (SMB) achieved a strong rebound in volumes in the second quarter, resulting in an 11% volume increase to 108.2 million cases in the first half.  Correspondingly, consolidated revenues grew 20% to P65.0 billion. 

Operating income rose 22% to P14.7 billion while net income grew 12% to P10.7 billion. 

Ginebra San Miguel Inc. 

Ginebra San Miguel Inc. (GSMI) continued to deliver consistent growth with domestic volumes growing by 9% to of 22.0 million cases. Revenues improved 14% to P23.1 billion. Operating income rose 25% to P3.3 billion, while net income ended at P2.5 billion, 19% better than in the same period last year. 

San Miguel Foods 

San Miguel Foods sustained its top-line performance throughout the first half, posting a 16% increase in consolidated revenues, which reached P84.0 billion on the back of higher volumes and better selling prices. 

Its Protein, Animal Health & Nutrition, Prepared and Packaged Food, and Flour segments all delivered strong revenue growth. Despite rising raw material costs, the Food Group’s consolidated operating income grew 3% to P8.6 billion. 

SMC Global Power Holdings Corp.

First half off-take volumes for SMC Global Power Holdings Corp. reached 14,336 Gwh, up 6% from the same period last year. Consolidated revenues reached P102.6 billion, a sizeable 70% increase driven by improvements in Meralco nominations and higher demand from distribution utilities and contestable customers and the commencement of its 20MW Kabankalan BESS’ commercial operations. 

Operating income, however, declined by 26% to P12.8 billion due to unprecedented increase in fuel input costs and the deration of the Ilijan gas plant due to Malampaya gas field supply issues.  


Petron Corporation delivered a strong performance in the first-half with consolidated revenues surging 129% to P398.5 billion, from P174.1 billion reported last year. 

Consolidated volumes from its Philippine and Malaysia operations grew 34% to 51.4 million barrels on the back of demand recovery due to sustained easing of travel restrictions and the improved pandemic situation. 

With improvements in refining margins, consolidated operating income increased 79% to P16.0 billion, with net income doubling to P7.7 billion from P3.87 last year– already surpassing the full-year 2021 level. 


Meanwhile, revenues of the company’s infrastructure arm grew 58% to P13.4 for the period in review. Its operating income soared by 160% to P6.0 billion amid higher traffic volume. 

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