SMC H1 revenues up 20% to P393.4 billion, recurring income grows 21% to P27.6 billion

San Miguel Corporation said first half revenues rose 20% to P393.4 billion for the first six months of the year following higher sales from its fuel and oil, infrastructure, core beverages, food and packaging businesses.

Recurring net income ended at P27.6 billion, 21% higher than last year’s P22.8 billion. This excludes the effect of forex translation and one-time gain from the sale of its telco business last year. Including one-offs, reported net income ended lower at P26.1 billion versus P35.3 billion last year.

Consolidated operating income reached P53.4 billion, 10% higher than last year. In addition to the higher sales sustained by most of the businesses which resulted to improved margins, fixed costs were also better managed throughout the Group.

Consolidated EBITDA reached P70.8 billion, 12% higher than the previous year.

BEER

San Miguel Brewery Inc. sustained its growth streak as consolidated revenues and operating income grew 12% to P53.1 billion and P14.0 billion, respectively. Net income ended at P9.4 billion, 14% higher than last year.

LIQUOR

Ginebra San Miguel Inc. continued to deliver robust results with revenues reaching P10.1 billion, 20% higher than last year. Operating income rose 44% to P594 million while net income almost doubled to P265 million.

FOOD

Revenues of San Miguel Pure Foods Company Inc. rose 5% to P55.9 billion due to higher volumes and favourable selling prices of its Poultry, Fresh Meats, and Value-Added Meats businesses. Operating income grew 24% to P4.5 billion while net income amounted to P3.1 billion, up 26%.

PACKAGING

San Miguel Yamamura Packaging Group’s revenues reached P14.0 billion, 4% higher from the same period last year. The improved performance was attributed to improved sales from its plastics and metal businesses and higher contribution of its Australian operations. Operating income grew 6% to P1.4 billion.

POWER

SMC Global Power’s revenues and operating income amounted to P40.7 and P13.3 billion, respectively, both lower than last year. This was the result of lower bilateral volumes brought about by the scheduled annual maintenance shutdown of the Ilijan and the Malampaya facility earlier this year.

FUEL AND OIL

Petron Corp. delivered a strong first semester performance, posting profits of P8.2 billion, up 56% from last year. This was driven by a deliberate focus on more profitable segments as well as improved refinery production yields.

Consolidated revenues rose by P28% to P207 billion while operating income also grew by 27% to P14.6 billion.

Petron continues to build up its terminal capacities to serve increasing demand from high-growth regions and support growing volumes of its 2,900 service stations, 2,300 of which are in the Philippines.

INFRASTRUCTURE

SMC's infrastructure business continued to increase its contribution to the Group with revenues reaching P10.9 billion, 11% higher than the previous year, coming from the sustained growth of traffic volumes from operating tollroads. Operating income amounted to P5.2 billion, 4% higher vs last year.

Meanwhile, all on-going projects of the business – Skyway Stage 3, TPLEX Section 3, SLEX-TR4, MRT-7, Boracay Airport new passenger terminal Boracay Airport, and the Bulacan Bulk Water – remain on track.