Diversified conglomerate San Miguel Corporation (SMC) more than tripled its consolidated net profit to P34.2 billion in the first nine months of 2021, from P10.7 billion earned in the same period last year .
In a statement, the company said higher profits came as SMC continued its steady recovery from the economic impacts of the pandemic.
Consolidated revenue increased 22% to P650.6 billion, driven by volume growth in SMC’s core businesses.
Operating profit increased 112% to 87.7 billion pesos, while continuing to tightly manage costs and improve supply chain efficiency. EBITDA increased by 41% to reach 118.1 billion pesos.
“The operating environment remains very challenging, but we have managed to remain resilient, focus on our objectives and adapt quickly to changing conditions. We are determined to maintain this momentum, especially with the easing of quarantine restrictions,” said SMC President Ramon S. Ang.
Meanwhile, Ang said work continues for the company to help the economy recover better through its investments in strategic projects that generate jobs and empower lives.
“We are committed to finding innovative ways to shape a more sustainable future not just 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 effects of the pandemic,” he added.
SMC’s core businesses, particularly Petron and Power, saw quarterly volume and revenue growth.
San Miguel Brewery, Inc. (SMB), Ginebra San Miguel Inc. (GSMI) and San Miguel Foods also continued to increase volumes, albeit at a slower pace, due to mobility restrictions and travel bans. alcohol set up in July and August.
San Miguel Food and Beverage, Inc.’s consolidated revenue rose 14% to P221.7 billion, with its Food, Beer and Spirits divisions all posting growth. Consolidated net profit increased by 68% to reach 24.2 billion pesos.
SMC Global Power Holdings Corp. (SMCGP) recorded offtake volumes of 20,533 Gwh, up 3% compared to the same period last year, thanks to longer operating hours for the power plants of Masinloc, Limay and San Roque .
Consolidated revenue rose 7% to 93.9 billion, while net income fell 5% to 13.7 billion pesos due to higher spot purchases and higher coal prices.
The company’s performance was partly affected by the ongoing gas restrictions at the Malampaya field and the prolonged shutdown of the Sual plant.
Petron Corporation reported a consolidated net profit of 5.0 billion pesos for the first nine months, a reversal from the net loss of 12.6 billion pesos it reported in 2020. Consolidated revenue increased by 35% to reach 291.6 billion pesos.
SMC Infrastructure generated revenue of 13.3 billion pesos for the first nine months of the year, up 29% year-on-year, with average daily traffic volumes up 35% across all toll roads in operation, in particular SLEX, STAR and the Skyway system.
Operating profit increased by 102% to P4.3 billion compared to the same period in 2020.
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