San Miguel Corp income up, revenues hit P346.7 billion | ABS-CBN
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San Miguel Corp income up, revenues hit P346.7 billion
San Miguel Corp income up, revenues hit P346.7 billion
ABS-CBN News
Published May 15, 2023 06:39 PM PHT
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MANILA - San Miguel Corporation said its income and revenues grew in the first quarter of the year bolstered by higher volumes coming from Petron, San Miguel Brewery and SMC Infrastructure, among others.
MANILA - San Miguel Corporation said its income and revenues grew in the first quarter of the year bolstered by higher volumes coming from Petron, San Miguel Brewery and SMC Infrastructure, among others.
SMC said its consolidated operating income rose 8 percent to P35.1 billion while reported net income ended at P17.7 billion, up 27 percent from P13.9 billion.
SMC said its consolidated operating income rose 8 percent to P35.1 billion while reported net income ended at P17.7 billion, up 27 percent from P13.9 billion.
Revenues meanwhile reached P346.7 billion up 9 percent from the same period last year.
Revenues meanwhile reached P346.7 billion up 9 percent from the same period last year.
“With raw material prices expected to stabilize, we are confident we can deliver an even better performance in the coming months,” said SMC president and CEO Ramon Ang.
“With raw material prices expected to stabilize, we are confident we can deliver an even better performance in the coming months,” said SMC president and CEO Ramon Ang.
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SMC said its net income from its food and beverage unit rose 8 percent to P9.9 billion.
SMC said its net income from its food and beverage unit rose 8 percent to P9.9 billion.
San Miguel Brewery meanwhile booked a net income of P6.8 billion, up 38 percent.
San Miguel Brewery meanwhile booked a net income of P6.8 billion, up 38 percent.
Ginebra San Miguel’s net income meanwhile hit P2.5 billion for the first quarter, 81 percent higher than 2022 on account of the one-time income cashflow generated in March with the transfer of Don Papa’s product rights.
Ginebra San Miguel’s net income meanwhile hit P2.5 billion for the first quarter, 81 percent higher than 2022 on account of the one-time income cashflow generated in March with the transfer of Don Papa’s product rights.
San Miguel Global Power Holdings Corp’s net income meanwhile grew 177 percent to P5.3 billion primarily due to net foreign exchange gains recognized this year, the conglomerate said.
San Miguel Global Power Holdings Corp’s net income meanwhile grew 177 percent to P5.3 billion primarily due to net foreign exchange gains recognized this year, the conglomerate said.
Petron Corporation had consolidated revenues reaching P188.8 billion, up 10 percent from last year. Net income however slid to P3.4 billion, 6 percent lower than last year.
Petron Corporation had consolidated revenues reaching P188.8 billion, up 10 percent from last year. Net income however slid to P3.4 billion, 6 percent lower than last year.
SMC Infrastructure’s operating income meanwhile expanded 82 percent to P4.5 billion.
SMC Infrastructure’s operating income meanwhile expanded 82 percent to P4.5 billion.
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Palace expects boost in PH investments after removal from dirty money ‘gray list’
Palace expects boost in PH investments after removal from dirty money ‘gray list’
Malacañang expects an increase in foreign direct investments after the Philippines was removed from the Financial Action Task Force’s (FATF) grey list earlier this week.
Malacañang expects an increase in foreign direct investments after the Philippines was removed from the Financial Action Task Force’s (FATF) grey list earlier this week.
The Philippines was removed from the list of nations flagged for weak anti-money laundering safeguards after the FATF acknowledged that the country was able to “meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in June 2021.”
The Philippines was removed from the list of nations flagged for weak anti-money laundering safeguards after the FATF acknowledged that the country was able to “meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in June 2021.”
“Our well-earned exit from the Financial Action Task Force’s (FATF) grey list boosts our drive to attract job-creating, growth-inducing foreign direct investments,” Executive Secretary Lucas Bersamin said in a statement.
“Our well-earned exit from the Financial Action Task Force’s (FATF) grey list boosts our drive to attract job-creating, growth-inducing foreign direct investments,” Executive Secretary Lucas Bersamin said in a statement.
“This seal of good financial housekeeping benefits overseas Filipinos as it would make cross-border transactions faster and cheaper as layers of compliance barriers are removed,” he said.
“This seal of good financial housekeeping benefits overseas Filipinos as it would make cross-border transactions faster and cheaper as layers of compliance barriers are removed,” he said.
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Bersamin credited the country’s exit from the grey list to the “multiple moves made” the administration pushed to “finally dismantle structures that could be exploited by money launderers and terrorism financiers.”
Bersamin credited the country’s exit from the grey list to the “multiple moves made” the administration pushed to “finally dismantle structures that could be exploited by money launderers and terrorism financiers.”
“For so long, our investment attractiveness has been dragged down by this dirty money haven label,” the Executive Secretary said.
“For so long, our investment attractiveness has been dragged down by this dirty money haven label,” the Executive Secretary said.
“This hard-fought administration win in its battle against money laundering will be preserved and protected through consistent compliance with global standards.”
“This hard-fought administration win in its battle against money laundering will be preserved and protected through consistent compliance with global standards.”
The Anti-Money Laundering Council (AMLC) earlier said that “the exit will reduce international fund transfer requirements, benefitting Filipino individuals and businesses.”
The Anti-Money Laundering Council (AMLC) earlier said that “the exit will reduce international fund transfer requirements, benefitting Filipino individuals and businesses.”
Bangko Sentral ng Pilipinas (BSP) Governor and AMLC Chairman Eli Remolona, Jr. called the feat a result of “strong cooperation” between the government and the private sector.
Bangko Sentral ng Pilipinas (BSP) Governor and AMLC Chairman Eli Remolona, Jr. called the feat a result of “strong cooperation” between the government and the private sector.
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