San Miguel Corporation (SMC) posted first-quarter earnings of PHP43.4 billion, rising sharply from PHP8.9 billion a year earlier, supported by one-time gains from the partial sale of power assets and foreign exchange gains.
Core net income, excluding these non-recurring items, grew 31% to PHP19.0 billion, driven by disciplined cost management and solid performance in most of its core businesses.
Revenues declined 8% to PHP360.9 billion, mainly due to weaker crude prices affecting the Fuel and Oil segment, and lower contributions from the Power business following the deconsolidation of the Ilijan Power Plant. Stronger sales results from the Food, Hard Liquor, and Infrastructure units helped offset the decline.
Operating income rose 13% to PHP45.6 billion, supported by margin expansion across the Power, Food & Beverage, and Infrastructure segments. Consolidated EBITDA increased 17% year-on-year to PHP64.2 billion.
'We had a good start to the year. Despite some challenges, our businesses remained resilient and continued to perform well. We will keep moving forward, grow responsibly, and make sure more Filipinos benefit from the progress we are making,' said SMC Chairman and CEO Ramon S. Ang.
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