SMC profit increased 26% to P38.2B, despite poor oil sales

Asian conglomerate San Miguel Corp. (SMC) earned a net profit of P38.2 billion last year—up by 26 percent—while earnings before income tax, depreciation and amortization (Ebitda) climbed 23 percent to P108.6 billion.

The steep drop in crude oil prices resulted in its consolidated sales revenue declining by 13 percent to P674 billion.

San Miguel Brewery Inc.’s consolidated revenues hit P82.4 billion, or 4 percent better than the 2014 figure, due to improved domestic performance.

Consolidated operating income of the brewery division amounted to P22.6 billion, higher by 2.5 percent compared with 2014’s figure, and its net income hit P13.5 billion.  Ebitda stood at P25.7 billion.

Petron Corp., which contributed a net income of P6.3 billion, reported that its revenues dropped 25 percent to P360 million, due to a nearly 50-percent drop in oil prices, SMC disclosed.

The rise in sales volume, however, double the previous earnings of Petron, with operating income growing 138 percent to P18.1 billion.

Along with the higher margins of Petron, the robust performance of its food, beverage, and packaging units has driven its operating income to a 41-percent surge to P78.7 billion.

Ginebra San Miguel Inc.’s consolidated revenues grew 7 percent to P16.6 billion, which was attributed to 5-percent volume growth in sales of flagship Ginebra San Miguel. Operating income delivered P621 million, surging by 73 percent, and with Ebitda amounting to P1.3 billion.

San Miguel Purefoods Co. Inc.’s revenues rose 4 percent to P107 billion, with operating income up by 18 percent to P7.6 billion, mainly due to branded and feed products sales.  Net income jumped by 24 percent to P4.8 billion. Ebitda was at P10.3 billion.

San Miguel Yamamura Packaging Corp.’s revenues improved by 3 percent to P25 billion, with consolidated operating income at P2.3 billion, up by 2 percent.

Ebitda amounted to P4.1 billion, mostly from the improved efficiencies and cost management of the packaging unit.

The power sector unit of SMC, SMC Global Power Corp., delivered consolidated revenues of P77.5 billion, while operating income registered at P23.7 billion. Ebitda amounted to P31.4 billion.

SMC reported that SMC Global suffered a consolidated offtake volume decline of 3 percent to 16,558 gigawatthour (GWH), due to major maintenance works on the Malampaya gas facility, as well as of the Ilijan and Sual power-generating units.

San Miguel Holdings Corp. infrastructure delivered a 19-percent increase in revenues to P15.2 billion and a 15-percent improvement in operating income to P8.5 billion.

The consolidation of the South Luzon Expressway and Skyway 1 and 2 resulted in P13.3 billion in revenues and P7.3 billion in operating income. Ebitda amounted to P10.3 billion. RIZA LOZADA