The Market Monitor Minding the Nation's Business
San Miguel Corporation (SMC) delivered a strong start to 2026, with first quarter consolidated revenues rising 19% to P428.3 billion from the same period last year, supported by broad growth across its major businesses.
The results were driven by stronger Fuel and Oil volumes, with revenues reflecting movements in global prices, along with new contributions from its Energy business and sustained volume growth in Food.
Consolidated operating income increased 31% to P59.6 billion, driven by higher revenues and margin expansion in the Energy business, which helped offset margin pressure in Petron.
Reported consolidated net income was lower at P22.5 billion, from P43.4 billion in the same period last year due to the P21.9 billion gain from the partial sale of power assets and forex loss in 2026.
“Our businesses performed well in the first quarter, supported by steady demand and the hard work of our teams across the group,” said SMC Chairman and CEO Ramon S. Ang. “While global conditions remain challenging, we will stay disciplined in how we operate, serve our customers well, and continue investing where we can support our country’s growth.”