PHILIPPINES – News about San Miguel Corporation (SMC)’s announcement of a yearly consolidated revenues target to US$50 billion in the next five ears from an estimated US$20 billion at present sent the company’s stock higher in today’s trading at the Philippine Stock Exchange.
San Miguel Corporation (PSE:SMC)’s stock gained 2.75 percent to end the day at Php48.50 a share, or Php1.30 higher from its previous close. SMC joined 16 other blue chip stocks at the PSE that gained in today’s trading, led by DMCI Holdings, Inc, which was up 4.40 percent to Php12.8.
A total of 513,500 shares with a value of Php25.06 million exchanged hands in today’s trading session, although SMC’s last trade price of Php48.50 is still far from its 52-week high of Php81.00 a share.
On Tuesday, San Miguel president and chief operating officer Ramon Ang told reporters on the occasion of the company’s 12th anniversary that the company hopes to hit at least US$40 – US$50 billion in the next five years.
“Today, I think the revenue of the group of companies is about $20 billion if we consolidate it. We hope in the next five years, we will hit at least $40- to $50-billion,” Ang said.
To achieve the aspired revenues in the next five years, Ang said the company would continue to strengthen its core business, and hopefully expand its energy and infrastructure businesses. – BusinessNewsAsia.com