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SMC Registers 54% Recurring Net Income Increase

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MANILA, Philippines – San Miguel Corporation (SMC) reports robust results during the first nine months of 2016 with recurring net income up by 54 percent to P31.1 billion.

Apart from its strong nine-month record, the company also had a steady third quarter and sustained growth in its core businesses.

The operating income of SMC is 24 percent higher than last year, which is P73.2 billion as its main packaging, beverage, and food segments maintained their drive. Higher contributions were also delivered by its infrastructure and power businesses. Petron, SMC’s fuel and oil subsidiary, had increased refining boundary.

There is a double digit growth in operating income across its core segments with Packaging at 12 percent, Beer at 19 percent, Food at 25 percent, and Ginebra at 65 percent.

Strong performance were also exhibited by its new businesses, such as Infrastructure’s operating toll roads at seven percent, operating income’s increase at 18 percent, and Petron’s growth at 23 percent.

The consolidated income of SMC amounted to P43 billion, whereas its continuing operations’ net income reached to P31.1 billion. The latter is 54 percent higher than 2015 record of 20.2 billion.

Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 23 percent to P96.4 million against last year’s record.

In a span of three years, SMC is planning to bring up P60 billion from the debt market.

According to its Philippine Stock Exchange (PSE) disclosure, the company claimed that its board of directors has approved its prospectus and shelf registration statement with Securities and Exchange Commission (SEC).

The preliminary portion would value to P20 billion regardless of the over-subscription option. The company aims to list the bonds on the Philippine Dealing and Exchange Corp. (PDEX).

The price per share is P75 and the tender will involve up to 1.066 billion shares. Initially, it offered 400 million shares.

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