San Miguel Corp posts P17.2B net income in Q1, heads towards 'full recovery'

ABS-CBN News

Posted at May 07 2021 10:03 AM

MANILA – San Miguel Corp on Friday said its net income reached P17.2 billion for the first quarter of 2021 as its pandemic recovery gains traction. 

The total is 15 times better compared to the P1.1 billion in the same period last year, SMC said in a disclosure to the stock exchange.

San Miguel said “almost all” major units reported “significant recoveries” for the quarter including Petron Corp, San Miguel Foods, Ginebra San Miguel and SMC Global Power, it said.

“We’re encouraged by these improvements as they reflect that our businesses are definitely headed towards full recovery. Despite the challenges ahead, we’re determined to sustain our performance and continue taking on meaningful projects and investments that will help our economy recover,” SMC president and COO Ramon Ang said. 

Consolidated revenues for the first quarter reached P201.2 billion, down 6 percent compared to the comparable period last year due to volumes of Petron, San Miguel Brewery and SMC Infrastructure that are still affected by COVID-19 restrictions, SMC said. 

San Miguel is among the country's conglomerates that immediately mobilized its resources to contribute to the fight against COVID-19 by churning out nutribuns to feed the poor and converting facilities to produce disinfectant alcohol. 

Ang earlier said the company would vaccinate all employees for free. It allocated P1 billion to inoculate some 70,000 employees against COVID-19.

RELATED VIDEO:

Watch more News on iWantTFC