San Miguel Corp net income rockets 67%

San Miguel Corp (SMC) saw its net income for 2023 rise by a “robust” 67% due to volume growth across its key businesses.

The Philippine-based corporation, which has businesses spanning the food and drink, fuel and infrastructure segments, reported net income surge to PHP44.7 billion (£632 million) up from PHP26.8 billion (£379 million) last year and says it owes this to its strategic focus.

Sharpening up its operational efficiencies and sustainability initiatives across the business has also reportedly contributed to a 34% rise in consolidated operating income to PHP144.5 billion (£2 billion).

According to local reports, the food and beverage industries generated revenues of PHP379.8 billion (£5.4 billion), up 6% from the previous year, with all business units reporting sales growth.

This resulted in net income rising 10% to PHP38.1 billion (£539 million)

Reports outlined that San Miguel Beer alone reported an 8% increase in consolidated sales to PHP147.30 billion (£2 billion), fueled by solid sales growth in both domestic and global markets of 8% and 7%.

Despite these wins, the business revealed that domestic sales volumes were still, 25% below pre-Covid levels.

Alongside this, the beer segment posted a net income of PHP25.30 billion (£358 million) for the year, up 16% versus 2022, reportedly basing its climb on better operating performance and higher interest income.

Speaking about the corporation’s latest achievements, San Miguel president and CEO Ramon Ang said: “Our robust performance again reflects our resilience and ability to deliver a strong bottom line despite macroeconomic uncertainties, and our commitment to continue investing in nation-building projects.”