SMC closes 2022 with ₱43.2B profit

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Metro Manila (CNN Philippines, March 16)— Diversified conglomerate San Miguel Corp. (SMC) reported a net income of ₱43.2 billion in 2022, propelled by robust contributions of its main businesses.

“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,” SMC President and CEO Ramon S. Ang said in a statement on Thursday.

The conglomerate saw a hefty 60% surge in consolidated revenues, hitting ₱1.5 trillion from ₱941 billion in 2021—even stronger than the 2019 pre-pandemic result of ₱1 trillion.

In 2021, SMC finished with ₱48.2 billion in consolidated net income.

Ang expressed optimism about the group’s future growth despite lingering challenges.

“[W]e’re confident in the measures and programs we’ve put in place to weather these. 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,” he said.

Breaking down its businesses' financial performance last year, San Miguel Food and Beverage, Inc. generated ₱358.9 billion in revenues, 16% higher than a year ago as its core segments posted growth. Net income also rose to ₱34.7 billion.

San Miguel Brewery, meanwhile, posted ₱136.2 billion in revenues and ₱21.8 billion in earnings, on account of the 10% jump in volumes.

Ginebra San Miguel Inc. also had a strong 2022 with an all-time high net income reaching ₱4.5 billion.

San Miguel Foods likewise kept its momentum with ₱9.2 billion profit.

SMC Global Power Holdings Corporation's profit stood at ₱3.1 billion.

Fuel refinery and retail arm Petron Corporation also maintained its recovery with its profit improving by 9% to ₱6.7 billion.

Listed infrastructure arm SMC Infrastructure had ₱29 billion in revenues, climbing by 47% from 2021 on higher traffic flows witnessed last year.