SMC crosses P1 trillion revenue mark
Diversified conglomerate San Miguel Corp. (SMC) said revenues hit the P1 trillion mark last year, boosted by the double-digit growth in its food, beverage, fuels and power businesses.
Consolidated revenues grew 24 percent to P1.02 trillion while operating income went up 5 percent to P117.1 billion.
Recurring net income was largely flat at P55.2 billion, weighed down by the sharp decline in crude prices which resulted in P10 billion in inventory losses for its fuels business during the 4th quarter of 2018. This was compounded by forex translation losses for the year.
San Miguel Food and Beverage saw revenues expand by 14 percent to P286.4 billion, driven by higher volumes ne better selling prices.
SMC Global Power Holdings Corp. posted the biggest jump in revenues, soaring 45 percent to P120.1 billion owing to additional generation from the Limay, Malita and Masinloc power plants and better contributions from the Ilijan and San Roque power plants.
Meanwhile, combined revenues from its Philippine and Malaysian operations surged 28 percent to P557.4 billion
SMC Infrastructure registered a nine percent hike in revenues to P24.5 billion as vehicular volume at all operating toll roads continued to grow. Construction of the Skyway Stage 3 and MRT7 remains on track while its Bulacan bulk water project started providing potable water to six Bulacan municipalities early this year.