SMC posts biggest gain in over a year to P29.6B, to continue helping drive economic recovery

San Miguel Corporation

San Miguel Corporation (SMC) sustained its growth momentum throughout the first six months of the year, registering a net income of P29.6 billion—a significant turnaround from its P4.0 billion net loss in the same period last year—as all major businesses posted robust recoveries amid the continuing COVID-19 restrictions nationwide.

SMC’s consolidated revenues grew 16% to P410.1 billion, driven by higher sales from Petron Corp., up by 14%, SMC Global Power by 5%, SMC Infrastructure by 27%, and San Miguel Food and Beverage by 20%.

Operating income surged 309% to P61.0 billion, brought about by improved margins, effective company-wide cost savings initiatives, and continuous improvements in operational efficiencies.

EBITDA ended at P80.7 billion, a year-on-year growth of 91% from P42.2 billion.

“While there is no doubt that the uncertainties brought about by the pandemic will continue to have an impact on our businesses, our strong performance in the first half reflects the effectiveness of the strategies we’ve put in place and our ability to quickly adapt to the evolving needs of our consumers,” said SMC President and COO Ramon S. Ang

He added: “Vaccinating our employees against COVID-19 is a crucial part of our strategy for sustainable long-term recovery. With the arrival of our company-procured vaccines–enough to cover over 70,000 in our network–our nationwide vaccination drive is now in full gear. We now have 15 operational vaccination sites all over the country, with a remaining two more set to open. Our goal is to reach herd immunity at all our facilities so we can better perform our jobs, sustain our performance, and contribute to economic recovery.”

Ang said the re-imposition of a lockdown for two weeks is an opportunity for the company to respond in terms of immediate relief for disadvantaged communities, supply much-needed essential goods and services, and help protect the country’s social and economic gains in the continuing fight against the pandemic.