San Miguel's net income jumps 120 percent to P48.2 billion in 2021

ABS-CBN News

Posted at Mar 11 2022 10:18 AM

MANILA - San Miguel Corp on Friday said its consolidated net income jumped 120 percent in 2021 to P48.2 billion.

Higher sales across all major businesses pushed SMC group-wide revenues to P941.2 billion, up 30 percent from the same comparable period, SMC said in a disclosure to the stock exchange. 

San Miguel said its food and liquor businesses including San Miguel Food and Beverage Inc, delivered "strong recoveries" while fuels business Petron Corp posted a "profit turnaround" nearly 2 years after government imposed coronavirus restrictions.

Petron suffered an P11.4 billion loss in 2020 but turned it around with a P6.1 billion net income in 2021, SMC said. 

"Despite the pandemic challenges in 2021, we were able to execute well on our strategies to continue and strengthen our recovery," SMC president and COO Ramon Ang said.

"We are confident we can accelerate growth while equally responding to the needs of the environment and the communities we serve," he added.

SMC, which has been very active in supporting the government's COVID-19 mitigation and recovery efforts, said it would continue to help set the stage "for a robust economic recovery."

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