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.

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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.

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.

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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.

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