San Miguel Reports 66% Surge in H1 Net Income

San Miguel Corporation (SMC) announced a 66% increase in its net income for the first half of the year, driven by robust performance across its business segments.

SMC’s net income rose to P33.5 billion, while operating income grew by 22% to P85.1 billion, thanks to improved margins in the power sector and reduced raw material costs. Revenues increased by 15% to P789.0 billion.

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

San Miguel Food and Beverage Inc. saw a 6% rise in net income to P20 billion, and San Miguel Brewery Inc. reported an operating income of P15.9 billion, anticipating stronger results in the second half.

Ginebra San Miguel Inc.’s operating income surged by 31% to P4.4 billion, while San Miguel Foods doubled its operating income to P6.4 billion.

San Miguel Global Power Holdings Corp. increased its operating income by 56% to nearly P23.0 billion. Petron Corp. reported an 8% rise in consolidated operating income to P17.3 billion, resulting in a net income of P6.0 billion.

San Miguel Infrastructure’s operating income grew by 8% to P9.7 billion, and SMC’s cement businesses, including Eagle Cement, Northern Cement, and Southern Concrete, saw a 31% rise in operating income to nearly P4.0 billion.

SMC is the only Filipino company to rank in the top 10 of the inaugural Fortune Southeast Asia 500, which lists the region’s largest companies by revenue. — RSJ, GMA Integrated News