San Miguel earnings rise 6% to P27.6 billion

MANILA, Philippines — San Miguel Corp. (SMC) reported a six percent growth in net income in the first half to P27.6 billion.

Net sales grew 27 percent to P499 billion while recurring net income rose 29 percent to P35.536 billion.

Growth was driven by higher volumes and favorable selling prices.

All major businesses – food and beverage, power, fuel and oil, and infrastructure sustained their respective growth momentum, officials said.

SMC president and COO Ramon Ang said increased business focus and hard work boosted growth during the period.

“We’re encouraged by the results we’ve had so far, and are very hopeful this momentum will carry through for the rest of the year,” Ang said.

San Miguel Food and Beverage Inc. reported a net income of P15.4 billion, up 20 percent on net sales of P137.4 billion, which was 15 percent higher year on year.

San Miguel Brewery Inc. posted revenues of P62.5 billion, up 18 percent, translating to an operating income and net income of P17.3 billion and P11.8 billion,  up 23 percent and 26 percent from last year, respectively. 

Ginebra San Miguel Inc. likewise recorded a strong first semester, posting a net income of P506 million or almost double last year’s level.

Core brands Ginebra San Miguel and Vino Kulafu continued to drive growth momentum, benefitting from new thematic campaigns launched early this year and ongoing consumer promotions. 

Revenues grew 19 percent to P12 billion while operating income reached P862 million. This was 57 percent higher than previous year.  

On the other hand, the food group’s net income declined by two percent to P3.1 billion. Consolidated revenues, however, grew 12.4 percent to P62.9 billion, mainly driven by the strong performance of the agro-industrial and branded value-added businesses.

San Miguel Yamamura Packaging Group’s total sales revenues reached P17.6 billion while operating income grew 17 percent to P1.6 billion.

SMC Global Power Holdings Corp.’s operating income reached P17 billion, 28 percent higher than the previous year.