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SMC 2022 revenues up 60% to P1.5 trillion, breaches pre-pandemic level

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San Miguel Corporation (SMC) ended 2022 with strong consolidated revenues of ₱1.5 trillion, up 60% from ₱941 billion in 2021 surpassing its 2019 pre-pandemic result of P1.0 trillion. 

Consolidated income from operations rose 10% to ₱134.5 billion, driven by the sustained performance of key businesses such as Petron, San Miguel Food and Beverage, San Miguel Packaging, and SMC Infrastructure, as well as group-wide cost management efforts to mitigate the effects of increasing raw material costs, inflation pressures, and forex movements. 

Consolidated core net income amounted to ₱43.2 billion, while reported net income ended at ₱26.8 billion, reflecting the impact of unrealized losses on the revaluation of its foreign currency-denominated long-term debt. EBITDA, on the other hand, went up 3% to ₱165.0 billion.

“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. While challenges remain, we’re confident in the measures and programs we’ve put in place to weather these. 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,” said SMC President and CEO Ramon S. Ang. 


San Miguel Food and Beverage, Inc. (SMFB) posted consolidated revenues of ₱358.9 billion, a 16% increase over the previous last year, driven by sustained volume growth and better selling prices across the Beer, Spirits, and Food divisions. 

SMFB’s consolidated operating income grew 11% to ₱48.7 billion, while net income rose 10% to ₱34.7 billion.

San Miguel Brewery, Inc. 

San Miguel Brewery Inc. (SMB) sustained its recovery in 2022, delivering consolidated volumes of 224.5 million cases, up 10% from the previous year, driven by effective brand-building and demand generation programs that capitalized on positive economic growth in both domestic and international markets. 

SMB’s consolidated revenues rose 17% to P136.2 billion. Accordingly, consolidated operating income was up 10% at ₱29.5 billion and net income ended at ₱21.8 billion, 6% higher than the previous year.

Ginebra San Miguel Inc. 

Ginebra San Miguel, Inc. delivered another record performance in 2022, registering its highest-ever net income of ₱4.5 billion, which exceeded its 2021 results by 9%.  Volumes reached an all-time high of 44.6 million cases, surpassing 2021 levels by 7% on the back of effective marketing campaigns. 

Full-Year 2022 revenues reached ₱47.3 billion, 11% higher than the previous year.  Operating income was up 13% at ₱6.0 billion on account of an increase in selling price implemented in 2022. 

San Miguel Foods

San Miguel Foods (SMF) sustained its robust topline performance throughout 2022, delivering consolidated revenues of ₱175.3 billion, 16% higher than the previous year.  Amid rising inflation, volumes across most segments grew, boosted by intensified distribution, aggressive promotional activities, the launch of new products, and utilization of additional capacity from new facilities.  

Most businesses implemented price adjustments to partly recover costs brought about by escalating raw material prices. Despite various challenges, operating income rose 15% to ₱13.3 billion, on the back of optimized utilization of company-owned facilities and strategic spending on revenue-generating advertising and promotions. Net income surged to ₱9.2 billion, up 21% from 2021.


San Miguel Global Power Holdings Corp. (SMCGP) recorded consolidated revenues of ₱221.4 billion, up by 66% from ₱133.7 billion in the previous year, brought about by an increase in average realization prices, higher spot sales prices, and improved power nominations.  Offtake volumes reached 27,402 Gwh, higher by 181 Gwh from the year prior.

Operating income however declined by 22% to ₱28.9 billion compared to the ₱ 36.8 billion registered in the previous year, reflecting the impact of tremendous increases in fuel costs, exposure to high WESM prices, and the deration of the Ilijan power plant. By the end of December 2022, coal prices reached US$404.07/MT, coming from US$170.23/MT at the end of 2021.  Net income amounted to ₱3.1 billion, down 80% from the previous year.


Petron Corporation’s recovery continued throughout the year, as it posted combined sales volumes from its Philippines and Malaysia operations of 112.8 million barrels, up 37% compared to 2021.  Domestic volumes climbed 43%, as demand from the industrial and aviation sectors recovered.  

Petron’s consolidated revenues jumped 96% to P857.6 billion from P438.1 billion in 2021, on the back of the fuel demand growth and higher crude prices.

Operating income ended 12% higher at P19.2 billion compared to P17.2 billion in the previous year, while consolidated net income amounted to P6.7 billion, 9% better than the P6.1 billion it reported in 2021.


SMC Infrastructure delivered consolidated revenues of P29.0 billion, 47% higher than 2021 level. Traffic volume at all operating toll roads increased 25%, sustaining its upward trend.  

Operating income grew 110% to P14.2 billion owing to higher traffic volume.

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