Tuesday, May 30, 2023

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SMC delivers strong consolidated revenues reaching P1.1 trillion  

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San Miguel Corporation (SMC) for the nine-months period in 2022 sustained its strong sales momentum, recording consolidated revenues of ₱1.1 trillion, up 71% from ₱650.6 billion in the previous year, surpassing pre-pandemic full year 2019 revenues of ₱1.0 trillion.  

Consolidated income from operations rose 24% to ₱108.5 billion, mainly driven by the continuing strong performance of Petron, Food and Beverages, Packaging and Infrastructure combined with groupwide cost initiatives which mitigated the continuing challenges of increasing raw material costs, elevated coal prices, inflation and forex movements.   

“The continuing increase in demand for our products and services has been very encouraging despite the challenging businesses environment.  This inspires us to continue with our efforts and to remain focused on achieving full recovery.” said SMC President and Chief Executive Officer Ramon S. Ang. 

Consolidated core net income amounted to ₱43.5 billion, up 26% from last year’s ₱34.4 billion. With the impact of unrealized forex loss, consolidated net income ended at ₱12.9 billion. 


San Miguel Food and Beverage, Inc. (SMFB) for the nine months posted consolidated revenues of ₱261.5 billion, an 18% increase over the same period last year, mainly driven by sustained strong volume growth and better selling prices across the Beer, Spirits and Food divisions.  

SMFB’s consolidated operating income grew 15% to ₱37.6 billion and net income rose 9% to ₱26.3 billion compared to the same period in 2021. 

San Miguel Brewery, Inc.  

San Miguel Brewery Inc. (SMB) for the nine months posted consolidated volumes of 164.2 million cases, up 11% from the previous year, primarily driven by the positive impact of relaxed mobility, and rapid reopening of markets in both domestic and international operations. Consolidated revenue amounted to ₱99.0 billion, increasing by 21% from the same period last year. 

SMB’s consolidated Operating Income and Net Income ended at ₱22.2 billion and ₱16.2 billion, higher by 22% and 15% from the previous year, respectively. 

Ginebra San Miguel Inc.  

Ginebra San Miguel, Inc. sustained its consistent growth registering revenues of P34.5 billion for the nine months period this year, 12% higher than last year, achieved by higher volumes at 32.6 million cases, 8% better than last year’s level – mainly driven by on-ground selling efforts and thematic campaigns.  

Operating income increased by 12%, at ₱4.6 billion, compared to the same period last year, despite being challenged by material cost hikes.  

Net income amounted to ₱3.4 billion, 7% higher from same period in 2021. 

San Miguel Foods 

San Miguel Foods (SMF) remained resilient amidst the ongoing challenging environment, driving sales to all-time highs despite cost pressures, propelled by higher volumes and better selling prices. Consolidated revenues amounted to ₱128.0 billion for the nine months period of 2022, 18% higher than the same period last year, with almost all businesses posting double digit revenue growth. 

Despite the challenges brought about by rising commodity prices and depreciating peso, operating income still grew 3% to ₱10.8 billion vs the previous year as operating expenses were well contained along with the optimized utilization of company owned facilities.  

Net income stood at ₱7.4 billion, down 2% compared to last year’s level, largely affected by the impact of the forex movement, as well as interest expenses related to its expansion projects. 


SMC Global Power Holdings Corp.’s (SMC Global Power) offtake volumes for the nine months period reached 21,336 Gwh, a 4% growth vs last year mainly driven by increase in demand from distribution utilities.  

Consolidated revenues amounted to ₱166.1 billion, up 77% from ₱93.9 billion in the previous year supported by the offtake volume growth and the increase in average bilateral rates.  

However, with the unprecedented spikes in coal prices which increased by almost eight times (8x) – from just P3,340/Mt (US$65MT @P51.30) at contract execution date rising to P25,430/MT ($434/MT @P58.59) at the end of September 2022, as well as the significant derations in the capacity of the Ilijan Plant, SMC Global Power incurred incremental supply costs of about P18 billion for the period January to September 2022 covering the 1000MW of capacity contracted to Meralco alone.  

Consequently, consolidated power operating income declined by 28% to ₱20.5 billion.  


Petron Corporation sustained its strong performance in the 1st nine months of the year posting combined sales volumes from Petron’s Philippines and Malaysian Operations, including its Singapore trading subsidiary to reach 80.4 million barrels, 37% higher compared to the same period last year.  Philippine volumes jumped by 40%, with the recovery in industrial demand and aviation sector.   

Petron’s consolidated revenues amounted to ₱631.1 billion, way ahead of last year’s ₱291.6 billion by 116%.  

Operating income stood strong at P16.5 billion, 23% more than 2021’s ₱13.4 billion while consolidated net income amounted to ₱8.2 billion, up 64% from last year’s ₱4.99 billion. 


Traffic volume of operating toll roads sustained its upward trend, increasing by 31% and delivering revenues of ₱20.9 billion, a 57% growth from the previous year.  Operating income climbed to ₱10.1 billion amid higher traffic volume. 

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