Asian giant San Miguel Corporation (SMC) reported strong results for net income which increased by 66 percent to P33.5 billion, demonstrating its financial health and ability to generate strong profits.

Consolidated revenues reached P789 billion, up 15 percent from the same period last year.

Growth was driven by strong performance across most business segments, including Petron Corp., San Miguel Global Power, San Miguel Infrastructure, San Miguel Foods and Ginebra San Miguel Inc.

Operating income expanded by 22 percent to P85.1 billion supported by improved margins in the power business and reduced raw material costs in the food business.

“Our strong first semester performance shows the resilience of our businesses even in a challenging market. We expect this positive momentum to continue throughout the year and deliver sustained value to all our stakeholders,” SMC chairman and CEO Ramon S. Ang said.

Strong food, beverage results

San Miguel Food and Beverage Inc. (SMFB) reported strong results for the first half of 2024, driven by continued business growth. Consolidated sales increased by 4 percent to P192.9 billion.

Likewise, income from operations grew 16 percent to P26.6 billion. Net income rose 6 percent to P20 billion while EBITDA was up 5 percent to P33.9 billion.

Consolidated revenues of San Miguel Brewery Inc. rose by 1 percent to P75.1 billion, driven by improved sales volume in the second quarter. EBITDA reached P19.2 billion, and operating income, P15.9 billion.

The company expects stronger performance in the second half of 2024, supported by targeted sales initiatives and increased focus on specific channels.

Ginebra San Miguel Inc. reported an 18 percent sales increase to P30 billion, driven by a 10 percent volume growth, along with effective marketing campaigns, new products, and expanded distribution.

Despite rising costs, operating income rose 31 percent to P4.4 billion, demonstrating strong brand performance and supply chain efficiency.

San Miguel Foods saw a 3 percent sales increase to P87.8 billion, driven by the double-digit revenue growth in Prepared and Packaged Foods, along with resilient poultry sales.