MANILA -Billionaire Ramon Ang-led San Miguel Corp. (SMC) saw earnings grow during the first quarter given strong contributions from its core businesses and the addition of Eagle Cement to the conglomerate’s portfolio.
SMC said on Monday its net income from January to March (including earnings attributable to minority interest) had climbed 27 percent to P17.7 billion while revenues rose 9 percent to P346.7 billion.
“Our strong first-quarter results reflect our commitment to execute well on our strategic priorities as we navigated through a very challenging environment,” said Ang, who is the president of SMC.
“With raw material prices expected to stabilize, we are confident we can deliver an even better performance in the coming months,” he added.
SMC’s consolidated operating income during the quarter added 8 percent to P35.1 billion. Its performance was bolstered by flagship food and beverage segments as well as higher volumes from Petron Corp. and toll roads under SMC infrastructure.
It also underscored the growth of its cement business after consolidating Eagle Cement, which caused cement revenues to surge 221 percent to P10.3 billion during the quarter.
San Miguel Corp. to buy Eagle Cement via P97-B takeover deal
San Miguel Food and Beverage posted consolidated revenues of P93.2 billion, up 12 percent, while San Miguel Global Power Holdings Corp. saw net income soar 177 percent to P5.3 billion following the recognition of foreign exchange gains.
Petron revenues grew 10 percent to P188.8 billion “mainly driven by the continued growth in fuel demand in both the Philippines and Malaysia.”
Petron’s net income, however, slipped 6 percent to P3.4 billion in the first three months.
Petron earnings falter on higher financing cost
SMC Infrastructure, which operates the Metro Manila Skyway system and South Luzon Expressway, also booked revenues of P8.2 billion, up 31 percent from the same period in 2022. INQ
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