San Miguel says net income hit P29.6-B in first half of 2021 despite pandemic


Posted at Aug 06 2021 10:58 AM

MANILA - San Miguel Corp on Friday said it has sustained growth for the first six months of the year with a net income of P29.6 billion.

The total is a “significant turnaround” from its P4 billion net loss in the same period last year, SMC said in a disclosure to the stock exchange. 

Consolidated revenues grew 16 percent to P410.1 billion, it said. 

“While there is no doubt that the uncertainties brought about by the pandemic will continue to have an impact on our businesses, our strong performance in the first half reflects the effectiveness of the strategies we’ve put in place and our ability to quickly adapt to the evolving needs of our consumers,” SMC president and COO Ramon Ang said.

Ang said vaccinating employees is “crucial” to its long-term strategy and recovery.

At least 15 company vaccination sites are operating, Ang said, adding that it has procured vaccines enough to cover 70,000 in its network.

“Our goal is to reach herd immunity at all our facilities so we can better perform our jobs, sustain our performance and contribute to economic recovery,” Ang said.

The new Metro Manila lockdown is an opportunity for SMC to respond to relief needs of disadvantaged communities, supply essential goods, and boost efforts to fight the COVID-19 pandemic, he added. 

The National Capital Region is under hard lockdown from Aug. 6 to Aug. 20 to contain the spread of the new COVID-19 Delta variant.


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