San Miguel revenue, sales stagnate in 2019, driven by Petron, food unit

0

The conglomerate San Miguel Corp. reported stable net income and sales last year, despite falling Petron Corp profits. and its food unit.

The company said its net profit reached 48.57 billion pesos, down slightly from 48.64 billion pesos the previous year. Consolidated revenue from its operations fell 1% to P115.71 billion from P117.08 billion from the previous year.

Net sales were also flat at P1.02 trillion.

San Miguel Food and Beverage Inc.’s net profit last year rose 6 percent to 32.28 billion pesos from 30.55 billion pesos the previous year, thanks to the recovery of its food unit and strong beer sales.

Consolidated revenue increased 9% to 310.79 billion pesos from 286.37 billion pesos the previous year due to higher volumes and average selling prices for all key products , the company said.

Its beer business continued to boost the company’s results, with revenue increasing 10% to 142.27 billion pesos, from 129.25 billion pesos the previous year due to higher volumes of national beer.

“We remain confident in the strength of the Filipino consumer and the resilience of the economy. We believe we have the ability to overcome the challenges we currently face as we continue to expand the range of our product offerings and strengthen our market presence. We remain focused on delivering the best products and delivering better results to all of our stakeholders, ”said Ramon S. Ang, President and CEO of the Company.

SMC Global Power Holdings Corp. ended the year with a consolidated offtake volume of 28,112 gigawatt hours, up 18% from the same period last year.

This is due to higher bilateral sales volumes and longer operating hours for the Sual and Ilijan power plants, he said.

The full-year operation of Unit 2 of the Malita and Davao power plant and of Unit 3 of the Limay power plant, as well as the increase in the capacity of Unit 4 of Limay, also strengthened the performance of the plant. central.

Electricity revenue and operating profit increased 12% and 8% to 135.1 billion pesos and 36 billion pesos, respectively. Net profit rose 73% to 14.4 billion pesos, the company said.

“Petron faced many challenges throughout the year: volatile international prices which resulted in [in] significantly lower margins, a major shutdown of its Bataan refinery due to an earthquake, the implementation of the second tranche of the increase in excise duties and the continued proliferation of white stations, ”said declared the company.

Petron’s consolidated revenue amounted to Pesos 514.4 billion, down 8% from 2018 due to lower average selling prices for fuels and a slight decline in consolidated volumes. Petron Malaysia’s domestic volumes increased by 3%, which helped offset lower domestic volumes.

Net profit stood at 2.3 billion pesos, down 67 percent from 7.07 billion pesos the previous year.

Meanwhile, SMC Infrastructure’s operating toll roads showed a combined 5% growth in vehicle traffic volume.


Source link

Share.

About Author

Leave A Reply