MANILA, Philippines – San Miguel Corporation (SMC) increased its recurring net revenue to 54.7 billion pesos by 11 percent as a result of higher contributions gathered from petrochemical operations and Petron Corporation, accompanied by the robust performances of SMC’s beverage and food businesses.
This doesn’t include the end result of foreign currency translations and the company’s one-time gain from its telco business sale last year.
Combined revenues hit 826 billion pesos, higher by 21 percent as its business sales grew continuously. On the other hand, consolidated operating revenue totaled 111 billion pesos, which is 11 percent higher compared to the 99.7 billion pesos record from the previous year.
SMC, which only produced beers during its early years, is currently trading across a range of industries like liquor, foods, beverages, petroleum, power, and infrastructure.
Petron Corporation, which is currently the biggest petroleum refiner in the Philippines, recorded a 14.1 billion pesos net income, higher by 30 percent on the back of its ongoing concentration on high-value segments and robust volumes of sales coming from its Philippine and Malaysian operations.
Combined income hit 434.6 billion pesos, higher by 26 percent compared to the recorded 343.8 billion pesos. Its operating revenue was higher by 16 percent to 27.6 billion pesos.
San Miguel Brewery, Inc., the company’s beer business, recorded a 20.7 billion pesos net income last year, higher by 17 percent as its revenue also grew by 17 percent to 113.3 billion pesos. Volumes hit 260 million beer cases, which is 13 percent higher compared to the previous year, resulting mostly from positive economic conditions and SMB’s effective marketing and various sales initiatives.
SMC’s liquor business, Ginebra San Miguel, Inc., posted a 67 percent net income growth to 602 million pesos as its volumes of sales hit 27.7 million cases last year which is 10 percent higher compared to 2016. SMC’s flagship brands, Ginebra San Miguel and Vino Kulafu, both posted continuousy a double-digit increase.
Revenues hit 20.9 billion pesos, which is 12 percent higher compared to 2016’s record.
San Miguel Pure Foods Company, Inc., the congolmerate’s food business, also posted a 6.9 billion pesos net income, another growth year up by 16 percent. Consolidated income hit 117.4 billion pesos, which is 5 percent higher as a result of the robust performance of both the company’s value-added meats and poultry and fresh meats businesses.
San Miguel Yamamura Packaging Group reported revenues of 32.1 billion pesos, higher by 17 percent as the company continuously widened its operations throughout the region. This primarily resulted from its ongoing progress in Australian operations and its metal, glass, and plastic businesses’ higher sales.
SMC Global Power Holdings Corporation recorded a consolidated revenue growth of 6 percent to 82.8 billion pesos. However, its operating income was lower by 9 percent compared to the previous year due to higher costs, lower Ilijan bilateral volumes, and the Limay cogen plant sales in 2016.