UMVA has learned that San Miguel Corp. is steering its fleet toward domestic growth despite a sharp dip in first‑quarter net income.
In a bold statement, the company’s chairman and CEO declared that the group’s businesses performed well, buoyed by steady demand and relentless teamwork across the board.
Even as global conditions remain tough, the company vows to stay disciplined, serve customers with excellence, and keep investing where it can fuel the country’s progress.
First‑quarter net income fell to P22.5 billion from P43.4 billion a year earlier, largely because a P21.9 billion one‑off gain from a power‑asset sale and foreign‑exchange losses were absent.
Yet consolidated revenues surged 19 % to P428.3 billion, powered by higher fuel and oil volumes, shifting global oil prices, and steady growth in food and energy segments.
Operating income leapt 31 % to P59.6 billion, thanks to improved margins in energy and a buffer against pressure in the petrochemical arm.
San Miguel Food and Beverage reported a modest 2 % rise in net income to P11.8 billion, while revenues climbed 4 % to P103.1 billion, driven by gains in food and spirits, solid beer performance, and tight cost control.
The parent company’s core brands grew 7 % in revenue, supported by a robust feeds segment and steady demand for Magnolia dairy, coffee, and Purefoods meats.
Brewery sales held steady, with domestic revenue bolstered by price adjustments amid volume and cost pressures, while operating income stayed at P7.9 billion.
Ginebra San Miguel added 3 % to its revenues, posting operating income of P2.8 billion and net income of P2.3 billion.
San Miguel Global Power’s net income slid to P23.9 billion, a drop linked to the earlier asset‑sale gain, yet revenues climbed 26 % to P53.6 billion, driven by battery storage output and power contracts at Mariveles and San Roque.
Offtake volumes fell 13 % to 6.5 million MWh, reflecting the deconsolidation of two power plants, while operating income surged 163 % to P28.1 billion, thanks to top‑line growth and stronger margins.
Petron’s first‑quarter net income fell 56 % to P1.8 billion, after lower refining volumes in the Philippines and Malaysia, compounded by refinery shutdowns and geopolitical tensions.
Revenues climbed 27 % to P246.0 billion, lifted by higher sales volumes and an average Dubai crude price of $86 per barrel.
Operating income slipped 36 % to P6.1 billion, as higher product costs and reduced refinery output squeezed margins.
Infrastructure revenue rose 7 % to P10.4 billion, driven by higher traffic and efficiency gains on toll roads, with daily vehicle volume up 3 %.
Cement sales ticked up 3 % to P9.2 billion, as stronger volumes offset softer pricing, while operating income edged up 3 % to P1.7 billion.
Shares of San Miguel Corp. edged up slightly to P70, reflecting investor confidence in the company’s resilient strategy.
