SMC recurring net income hits P54.7-B

By Leslie Gatpolintan

March 15, 2018, 7:25 pm

MANILA -- Diversified conglomerate San Miguel Corp. (SMC) on Thursday said recurring net income grew 10.73 percent last year, bolstered by petroleum, food and beverage businesses.

In a statement, SMC said its consolidated recurring net income reached PHP54.7 billion in 2017 from PHP49.4 billion the previous year, excluding the effect of foreign exchange translations and a one-time gain from the sale of its telecommunications business last year.

The continued growth of sales across all its businesses grew its consolidated revenues by 20.58 percent to PHP826 billion from PHP685 billion.

San Miguel Brewery Inc.’s revenues rose 17 percent to PHP113.3 billion. Volumes reached 260 million cases, up 13 percent from the previous year, driven mainly by strong marketing and integrated sales initiatives.

Revenues of liquor unit Ginebra San Miguel Inc. also increased 12 percent to PHP20.9 billion.

San Miguel Pure Foods Co. Inc. recorded another growth year in 2017, posting consolidated revenues of PHP117.4 billion, 5 percent higher than the previous year, on the back of the strong performance of its poultry and fresh meats and value-added meats businesses.

San Miguel Yamamura Packaging Group reported PHP32.1 billion in revenues, a 17-percent increase over the previous year, as it continued to broaden its presence in the region last year.

SMC Global Power Holdings Corp.'s consolidated revenues grew 6 percent to PHP82.8 billion on higher realization prices from both bilateral and spot sales.

Consolidated revenues of Petron Corporation reached PHP434.6 billion, up 26 percent from 2016’s PHP343.8 billion. (PNA)