MANILA -- San Miguel Corporation on Wednesday said its net income climbed 18 percent in the first half of 2023 to P23.3 billion, on the back of improving performance of its beer, spirits, infrastructure, and packaging units.

The company also said its growth was supported by its newest acquisition, Eagle Cement.

• San Miguel says Eagle Cement buyout not subject to PCC review

In a statement, the company said consolidated revenues of its brewery grew 14 percent to P74.1 billion as volume grew both in its domestic and international operations.

Sales revenues of Ginebra San Miguel also went up 10 percent to P25.4 billion.

San Miguel Food and Beverage's consolidated revenues from January to June also climbed 7 percent to P184.6 billion, while San Miguel Food saw its revenues reach P85.1 billion.

The conglomerate also said its infrastructure unit also grew stronger as average daily traffic on its toll roads increased by 13 percent to 998,000 vehicles.

Revenues, however, were down 4 percent to P682 billion, as its fuel subsidiary Petron continued to be affected by declining crude oil prices.

• Petron H1 income dips to P6.14-B as interest rates bite

San Miguel also said its power unit saw 25 percent lower volume this year after the termination of its power supply agreement with Meralco.

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