San Miguel’s Profit Surges 15x as Oil, Food, Power Units Recover

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San Miguel Corp. said profit in the first quarter surged more than 15 times from a year ago as sales at its oil, food and power units continue to recover from the pandemic.

The Philippines’ largest company posted a net income of 17.2 billion pesos ($359 million) in the three months ended March, compared to 1.1 billion pesos a year ago, it said in a statement. Revenue declined 6% to 201.2 billion pesos versus a 15% drop a year ago, while operating income increased 175% due to lower raw material costs.

“We’re encouraged by these improvements, as they reflect that our businesses are definitely headed towards full recovery,” San Miguel President Ramon Ang said.

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Other Details

  • Unit SMC Global Power Holdings Corp., the nation’s largest electricity generator, saw profit rise 141% to 7.78 billion pesos
  • SMC Infrastructure’s operating income declined 33% from a year ago to 1.2 billion pesos

Earlier: San Miguel 1Q Net Income 17.17B Pesos

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