MANILA, Philippines — San Miguel Corp. reported a net income of P17.2 billion in the first quarter, a 1,471 percent increase from P1.1 billion a year ago, further boosting its recovery from the COVID-19 pandemic.
Almost all major businesses saw significant rebound during the period led by Petron Corp. and San Miguel Foods. Ginebra San Miguel Inc. and SMC Global Power likewise registered strong growth.
SMC’s businesses include oil through Petron, food and beer through San Miguel Food and Beverage, liquor through Ginebra San Miguel and infrastructure through SMC Infrastructure.
“We’re encouraged by these improvements, as they reflect that our businesses are definitely headed toward full recovery. Despite the challenges ahead, we’re determined to sustain our performance and continue taking on meaningful projects and investments that will help our economy recover,” said SMC president and COO Ramon Ang.
On the other hand, consolidated revenues declined by six percent to P201.2 billion as volumes of Petron, San Miguel Brewery and SMC Infrastructure were still affected by prevailing restrictions.
This was, however, still an improvement from the decline in the first quarter and full year 2020 at 15 percent and 29 percent, respectively.
SMFB posted a net income of P9.7 billion, up 66 percent during the period.
San Miguel Brewery Inc. likewise grew its net income by 45 percent to P5.5 billion.
Ginebra San Miguel posted a net income of P1 billion for the first quarter, up 120 percent year-on-year--its highest ever in a single quarter, brought about by a combination of strong consumption, wider distribution, better selling prices and lower alcohol cost.
San Miguel Foods contributed to SMC’s solid first quarter performance with consolidated revenues of P36.2 billion, up nine percent versus the comparable period in 2020.
SMC Global Power Holdings Corp.’s net income reached jumped 141 percent to P7.8 billion.
Petron Corp. bolstered its rebound with a net income of P1.7 billion, a significant reversal of its P4.9 billion net loss in the first quarter of last year.
“While sales volumes continue to improve, the slowdown in demand due to the COVID-19 pandemic, is still evident in first quarter volumes of 19.4 million barrels, 21 percent lower than the 24.7 million barrels sold in the same period in 2020. Consolidated revenues settled at P83.3 billion, down 20 percent from P104.6 billion a year ago.
For SMC Infrastructure, revenues fell by seven percent to P4.3 billion as daily traffic remains slow because of the quarantine.