MANILA - San Miguel Corp said on Thursday its revenues rose 60 percent hitting P1.5 trillion in 2022 while consolidated net income and reported net income reached P43.2 billion and P26.8 billion, respectively.
In a statement, SMC said its consolidated revenues also exceeded its pre-pandemic level of P1 trillion.
Sustained performance of key businesses such as Petron, San Miguel Food and Beverage, San Miguel Packaging and SMC Infrastructure as well as cost management efforts contributed to the increase in consolidated income from operations that hit P135.5 billion, higher by 10 percent, SMC said
“Our strong top line performance is a clear indication of our economy’s continuous recovery as well as the strong consumer demand for our products and services," said SMC President and CEO Ramon S. Ang.
"While challenges remain, we’re confident in the measures and programs we’ve put in place to weather these. We remain strongly committed to executing on the long-term growth strategy we’ve laid out for our company, that will also significantly benefit our country,” he added.
Petron Corp's revenues jumped 96 percent to P857.6 billion due to higher fuel demand, which brought its net income to P6.7 billion, up 9 percent in 2022, SMC said.
SMFB's net income rose 10 percent to P34.7 billion while SMB sustained recovery with 6 percent higher net income at P21.8 billion, SMC said. Ginebra San Miguel Inc also delivered record performance with net income of P4.5 billion, it added.
San Migiuel Foods' net income surged to P9.2 billion, up 21 percent, the company said. San Miguel Global Power Holdings Corp, meanwhile, posted a lower net income of P3.1 billion, down by 80 percent due to higher fuel prices and the deration of the Ilijan power plant, it said.