San Miguel Corp (SMC)’s earnings from its conglomerate increased in the nine months ending the third quarter of 2024 with a strong revenue with growth showing across its different business.
SMC led by Ramon S. Ang said revenues climbed by 11 percent to P1.2 trillion on the strong performance of its power, fuel and oil, food and spirits units.
The robust nine-month performance of the group was led by San Miguel Food and Beverage Inc., which saw its net income increase by 11 percent to P30.4 billion, with sales reaching P291.1 billion.
Higher volumes boosted sales of San Miguel Foods, San Miguel Brewery Inc. and Ginebra San Miguel Inc. during the period. For its power business, San Miguel Global Power Holdings Corp. sustained its strong performance as net income surged by 48 percent to P13.5 billion.
Despite a drop in net income to P7.1 billion from P9.5 billion in 2023, Petron Corp. delivered 12 percent higher revenues to P657.9 billion on sustained volume growth.
San Miguel Infrastructure, likewise, posted an eight-percent improvement in consolidated revenues to P27 billion in the first three quarters as a result of higher daily average traffic volume from all operating toll roads.
SMC’s cement business comprised of Eagle Cement Corp., Northern Cement Corp. and Southern Concrete Industries Inc. recorded a three percent increase in volume despite a contraction in industry volume.
With additional report: The Philippine Star, Richmond Mercurio
