Conglomerate San Miguel Corp. (SMC) on Thursday said its income for January to September tripled to P34.15 billion from last year’s P10.74 billion as it continued its steady recovery from the economic impacts of the pandemic.
Compared with the pre-pandemic figures, however, the company’s income was still 13 percent down from the P39.65 billion it posted in January to September 2019.
Consolidated revenues for the nine months of the year rose 22 percent to P650.6 billion from P531.13 billion last year, driven by volume growth across its major businesses. Operating income reached P87.73 billion, or double from last year’s P41.56 billion as it continues to manage costs and enhance supply chain efficiencies.
“The operating environment remains very challenging, but we’ve managed to stay resilient, focus on our goals, and quickly adapt to changing conditions. We’re determined to keep this momentum going, especially with the easing of quarantine restrictions,” company president Ramon S. Ang said.
Ang said work continues for the company to help the economy recover better through its investments in strategic projects that generate jobs.
“We are committed to finding innovative ways to shape a more sustainable future not only for SMC but for our country. At the same time, we recognize the need to continue supporting the most marginalized communities and sectors that have yet to recover and rebuild from the impacts of the pandemic.”
San Miguel’s major businesses, particularly Petron Corp. and power, delivered quarter on quarter volume and revenue growth.
San Miguel Brewery Inc., Ginebra San Miguel Inc. and San Miguel Foods Inc. all continued to grow volumes, even at a slower pace, due to mobility restrictions and liquor bans implemented in July and August.
SMC Global Power Holdings Corp. recorded off-take volumes of 20,533 gigawatt hours, up 3 percent from last year, driven by longer operating hours for the Masinloc, Limay and San Roque power plants.
Consolidated revenues increased by 7 percent to P93.86 billion from last year’s P87.86 billion, while operating income declined by 14 percent to P24.9 billion from the previous P28.98 billion due to higher spot purchases and rising coal prices.
Net income fell 5 percent to P13.69 billion from the previous P14.48 billion as the company’s performance was partly affected by ongoing gas restrictions at the Malampaya field, and the extended outage of the Sual plant.
SMC Infrastructure, meanwhile, generated revenues of P13.27 billion for the period up 29 percent from the previous year’s P10.27 billion, as average daily traffic volumes grew by 35 percent at all operating toll roads. Operating income rose doubled to P4.3 billion from last year’s P2.14 billion.