Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

San Miguel income up 24% to P33B on volume growth

by
August 4, 2022
in Investing News
0
San Miguel income up 24% to P33B on volume growth
0
SHARES
13
VIEWS
Share on FacebookShare on Twitter

SAN MIGUEL Corp. (SMC) reported a 24% increase in its recurring consolidated net income in the first half to P32.5 billion driven by topline gains across its businesses.

“Overall, it’s been a very challenging period, with geopolitical conflict resulting in uncertainties and serious supply and cost issues that are affecting industries all over the world,” SMC President and Chief Executive Officer Ramon S. Ang said in a press release on Thursday.

“Despite this, and even with the lingering effects of the pandemic, we’re encouraged by the strong and increasing demand for our products and services, as evidenced by our higher volumes and revenues in the first half,” Mr. Ang added.

The company’s consolidated sales revenue reached P711.4 billion, 73% better than the previous year due to sustained volume growth and better selling prices.

SMC’s operating income went up by 41% to P85.9 billion which it attributed to the performance of its fuel and oil subsidiary Petron and sustained recoveries of its food, beverage, packaging, and infrastructure businesses.

“This shows that our country’s economic recovery and growth are gaining pace. We will maximize every opportunity to further strengthen our performance in the second half,” Mr. Ang said.

Its food and beverage business, San Miguel Food and Beverage, Inc. reported an 8% increase in its first-half net income to P18.8 billion.

The growth came after a 17% increase in its consolidated revenues to P172 billion and a 15% increase in its consolidated operating income to P26.6 billion driven by volume growth and better selling prices across its beer, spirits, and food divisions.

Meanwhile, San Miguel Brewery, Inc.’s net income grew by 12% to P10.7 billion and consolidated revenues increased by 20% to P65 billion.

The company attributed the growth to a strong rebound in volumes, which had an 11% increase to 108.2 million cases in the first half.

Ginebra San Miguel, Inc. reported an increase in its net income by 19% to P2.5 billion and a 14% increase in its revenues to P23.1 billion.

San Miguel Foods posted a 16% increase in consolidated revenues to P84 billion and a 3% increase in consolidated operating income to P8.6 billion.

SMC Global Power Holdings Corp. made a big jump in its revenue by 70% to P102.6 billion, which the company attributed to improvements in Manila Electric Co.’s nominations and higher demand from distribution utilities and contestable customers.

On the other hand, it posted a decline in its operating income by 26% to P12.8 billion due to an unprecedented increase in fuel input costs and Malampaya gas field supply issues.

Petron Corp. reported a first-half net income of P7.7 billion, double last year’s P3.87 billion as its consolidated revenues surged to P398.5 billion, more than double the P174.1 billion reported last year.

“Consolidated volumes from its Philippine and Malaysia operations grew 34% to 51.4 million barrels on the back of demand recovery due to sustained easing of travel restrictions and the improved pandemic situation,” the company said.

SMC’s infrastructure arm reported a 58% increase in its topline to P13.4 billion as its operating income soared by 160% to P6 billion.

“We will maximize every opportunity to further strengthen our performance in the second half,” Mr. Ang said.

At the stock market on Thursday, shares in SMC ended unchanged at P104.50 apiece. — Justine Irish D. Tabile

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
PAL, CEB ‘monitoring’ Taiwan airspace closure note

PAL, CEB ‘monitoring’ Taiwan airspace closure note

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Government urged to make big green energy push

Government urged to make big green energy push

June 19, 2022
Active ASF cases confined to five regions

Active ASF cases confined to five regions

August 16, 2022
Heathrow airport told to reduce passenger charge

Heathrow airport told to reduce passenger charge

June 28, 2022
PEMC launches commercial operations in renewable market

PEMC launches commercial operations in renewable market

July 28, 2022
S.Korean office workers hit convenience stores as ‘lunch-flation’ bites

S.Korean office workers hit convenience stores as ‘lunch-flation’ bites

June 29, 2022
Business chamber eager to hear food security, inflation plans in SONA

Business chamber eager to hear food security, inflation plans in SONA

July 19, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.