SAN MIGUEL Corporation’s pandemic recovery seems to be picking up speed, as the conglomerate reported on the state of finances from the start of the year up to end-September.
The Ramon S. Ang-led conglomerate experienced a 218 percent surge in consolidated net income over the same period last year, with P34.2 billion in profit, compared to P10.7 billion in 2020.
“The operating environment remains very challenging, but we’ve managed to stay resilient, focus on our goals and quickly adapt to changing conditions. We’re determined to keep this momentum going, especially with the easing of quarantine restrictions,” SMC president Ramon S. Ang said in a statement.
SMC businesses power profit increase
Coincidentally, the three core businesses backing its three major teams — San Miguel Brewery for the San Miguel Beermen, Ginebra San Miguel Inc. for the Gin Kings, and San Miguel Foods for the Magnolia Hotshots — were the three subsidiaries that experienced more modest growth compared to the rest of the businesses in the conglomerate’s portfolio, according to a report by CNN Philippines.
“Volume growth” across its major businesses powered the increase in consolidated revenues, which rose by 22 percent to P650.6 billion, the company added in a statement.
Of note are SMC Global Power Holdings Corporation, with a 7 percent revenue increase to P93.9 billion, and Petron Corporation, with a 35 percent consolidated revenue increase to P291.6 billion.
In addition, total operating income across the conglomerate shot up by 112 percent year-on-year, as “SMC kept a tight lid on expenses and enhanced supply chain efficiencies,” wrote the Philippine Daily Inquirer.
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