San Miguel Corp net income at P34.2 billion in Jan to Sept

ABS-CBN News

Posted at Nov 12 2021 11:14 AM

MANILA - San Miguel Corp more than doubled its consolidated net income for the first 9 months of the year to P34.2 billion from P10.7 billion in the same comparable period, it said Friday.

Consolidated revenues rose 22 percent to P650.6 billion due to volume growth across its major businesses, SMC said in a disclosure to the stock exchange.

"The operating environment remains very challenging, but we've managed to stay resilient, focused on our goals, and quickly adapt to changing conditions. We're determined to keep this momentum going, especially with the easing of quarantine restrictions," SMC president Ramon Ang said.

Metro Manila has been under the less stringent Alert Level 2 since Nov. 5.

Ang said SMC remains committed to investing in projects that would generate jobs, support the marginalized and aid economic recovery.

SMC said its major businesses, particularly Petron and Power Holdings delivered quarter-on-quarter volume and revenue growth. 

San Miguel Brewery, Ginebra and San Miguel Foods meanwhile, continued to grow their volumes but at a slower pace due to mobility restrictions and liquor bans imposed.

San Miguel Corp is building the New Manila Airport in Bulacan. It also recently scored the approval to build the controversial Pasig River Expressway Project (PAREX).

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