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.

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.

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.

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.

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.

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