MANILA – Strong sales from its food, beverage and power businesses kept San Miguel Corporation (SMC) consolidated revenues in 2019 steady at PHP1.02 trillion at par with year-ago results.
Consolidated operating income, however, ended slightly lower at PHP115.7 billion due to a challenging operating environment faced by Petron and San Miguel Foods. Net income ended at PHP48.6 billion, also at par with 2018.
San Miguel Food and Beverage Inc.’s consolidated revenues reached PHP310.8 billion, 9 percent higher than the same period last year. Higher revenues were boosted by strong volumes of beer and spirits, up by 6 percent and 14 percent, respectively, along with better selling prices across its businesses. Net income grew 6 percent at PHP32.3 billion.
SMC Global Power Holdings Corp. ended the year with power revenues rising 12 percent to PHP135.1 billion, and net income significantly higher by 73 percent to PHP14.4 billion.
Petron booked consolidated revenues amounting to PHP514.4 billion, down 8 percent versus 2018, on account of lower average selling prices of fuels and a slight decline in consolidated volumes.
Net income settled at PHP2.3 billion. The company faced many challenges throughout the year: volatile international prices that resulted in significantly weaker margins, a major shutdown of its Bataan Refinery due to an earthquake, the implementation of the second tranche of the excise tax increase, and the continued proliferation of white stations.
Meanwhile, SMC Infrastructure’s operating toll roads posted a combined 5 percent growth in vehicular traffic volume compared to the same period last year. (PR)