San Miguel revenues surge in 2022

SAN Miguel Corp. on Thursday reported 2022 consolidated revenues of P1.5 trillion, 60 percent higher than 2021’s P941 billion, and also surpassing 2019’s P1.0 trillion.

Consolidated income from operations was said to have risen 10 percent to P134.5 billion due to strong results from key businesses and group-wide efforts to mitigate the effects of rising raw material costs, inflation pressures and foreign exchange movements.

Consolidated core net income hit P43.2 billion, and a reported net income totaled P26.8 billion, said to have reflected the “impact of unrealized losses on the revaluation of its foreign currency-denominated longterm debt.”

Earnings before interest, taxation, depreciation and amortization rose by 3 percent to P165.0 billion.

Comparative figures were not provided.

“Our strong top line performance is a clear indication of our economy’s continuous recovery as well as the strong consumer demand for our products and services,” San Miguel President and Chief Executive Officer Ramon Ang said.

“While challenges remain, we’re confident in the measures and programs we’ve put in place to weather these,” he added.

“We remain strongly committed to executing on the long-term growth strategy we’ve laid out for our company that will also significantly benefit our country.”

San Miguel Food and Beverage Inc. was said to have posted consolidated 2022 revenues of P358.9 billion, 16 percent higher year on year, as volume growth was sustained and selling prices across the beer, spirits and food divisions improved.

Consolidated operating income grew by 11 percent to P48.7 billion, while net income rose 10 percent to P34.7 billion.

San Miguel Brewery Inc. was said to have sustained a recovery with consolidated volumes of 224.5 million cases, up 10 percent from the previous year.

Consolidated revenues rose 17 percent to P136.2 billion. Consolidated operating income was up 10 percent at P29.5 billion and net income came in at P21.8 billion, 6 percent higher.

Ginebra San Miguel Inc., meanwhile, delivered a record net income of P4.5 billion, 9 percent higher from 2021. Volumes also hit an all-time high of 44.6 million cases.

Full-year revenues reached P47.3 billion, 11 percent higher, and operating income rose by 13 percent to P6.0 billion.

San Miguel Foods posted a 16-percent rise in consolidated revenues of P175.3 billion as volumes across most segments grew. Operating income rose 15 percent to P13.3 billion, and net income grew by 21 percent to P9.2 billion.

San Miguel Global Power Holdings Corp.’s consolidated revenues of P221.4 billion were 66 percent higher but operating income fell 22 percent percent to P28.9 billion as fuel costs increased.

Petron Corp., meanwhile, reported to have posted combined sales volumes from its Philippines and Malaysia operations of 112.8 million barrels, up 37 percent.

Petron’s consolidated revenues jumped by 96 percent to P857.6 billion. Operating income ended 12 percent higher at P19.2 billion while consolidated net income amounted to P6.7 billion, 9 percent better.

SMC Infrastructure, lastly, delivered consolidated revenues of P29.0 billion, 47 percent higher year on year. Operating income grew 110 percent.

San Miguel ‘s share price was unchanged at P111 on Thursday amid a 0.95-percent drop for the benchmark Philippine Stock Exchange index.