San Miguel’s Q1 Net Income Soars to ₱43.4B on Strong Food, Liquor, and Infrastructure Gains

San Miguel Corporation (SMC), led by tycoon Ramon Ang, reported a significant increase in net income for the first quarter of 2025, reaching ₱43.4 billion—almost five times more than the ₱8.9 billion it earned during the same period last year.

The company attributed the surge to strong performance in its food, hard liquor, and infrastructure segments, which helped offset an 8% decline in total revenues, down to ₱360.9 billion. The drop was largely due to falling crude prices affecting its fuel business and the deconsolidation of the Ilijan Power Plant in its energy portfolio.

San Miguel Food and Beverage Inc. (SMFB) posted a 4% increase in revenues to ₱98.9 billion. Its hard liquor arm, Ginebra San Miguel, saw revenues rise by 8% to ₱16.3 billion.

SMC Infrastructure also posted a 7% revenue increase, thanks to continued toll road growth, with operating income hitting ₱5.3 billion.

San Miguel Global Power’s revenues dipped 4% to ₱42.5 billion, impacted by the Ilijan Power Plant’s removal from its consolidated operations, though partially cushioned by gains from other power assets and battery energy storage systems.

Meanwhile, Petron Corporation’s revenues fell to ₱194.4 billion from ₱227.6 billion, as lower global crude prices and export demand dragged the segment’s performance.

The conglomerate’s cement units—Eagle Cement, Northern Cement, and Southern Concrete Industries—posted a combined revenue of ₱8.9 billion, a 4% drop due to pricing pressures and increased competition from imports.

“We had a strong start to 2025. Despite headwinds, our core businesses stayed resilient. We’re committed to sustainable growth that benefits more Filipinos,” said Ramon Ang.