San Miguel net income jumps in first 9 months of 2023 | ABS-CBN

ADVERTISEMENT

dpo-dps-seal
Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!

San Miguel net income jumps in first 9 months of 2023

San Miguel net income jumps in first 9 months of 2023

ABS-CBN News

Clipboard

San Miguel Corporation. Mark Demayo, ABS-CBN News/File
San Miguel Corporation. Mark Demayo, ABS-CBN News/File

MANILA — San Miguel Corporation (SMC) on Tuesday said its net income more than doubled in the first nine months of 2023 to P31.2 billion.

SMC said its net income went up 141 percent from the same period in 2022 due to the strong performance of its fuel, beer, spirits, infrastructure, and cement units.

In a statement, the company said consolidated revenues of its brewery grew 9 percent to P108.3 billion on the back of volume growth in its domestic and international operations, and higher selling prices.

The conglomerate also said its infrastructure unit reached the million mark in combined average daily traffic volume across all its operating toll roads. Consolidated revenues climbed 20 percent to P25.1 billion, the firm said.

ADVERTISEMENT

Petron's net income also grew 16 percent to P9.5 billion, as consolidated sales volume went up to 93.6 million barrels from 80.4 million in the same period last year.

San Miguel said Eagle Cement, Northern Cement Corporation, and Southern Concrete Industries generated 9-month consolidated revenues of P28.9 billion, up 255 percent from last year.

Meanwhile, its power unit saw net income surge four times to P9.1 billion due to lower foreign exchange revaluation.

RELATED STORY:

Watch more News on iWantTFC

San Miguel also said its food group's net income hit P3.2 billion as it faced rising inflation and high cost of raw materials.

ADVERTISEMENT

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’

Katrina Domingo,

ABS-CBN News

Clipboard

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.”

“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.

ADVERTISEMENT

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.

“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.”

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.

ADVERTISEMENT

ADVERTISEMENT

It looks like you’re using an ad blocker

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker on our website.

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker on our website.