SMC's net income soars 67% on invesments in nation building

Business.(Business File photo)

SAN MIGUEL Corp. (SMC) reported strong full-year profits for 2023, with a 67 percent jump in consolidated net income to P44.7 billion.

This was driven by significant volume growth across its key businesses, including San Miguel Brewery Inc., Ginebra San Miguel Inc., Petron and SMC Infrastructure, together with the integration of Eagle Cement Corp.’s financial results.

SMC’s strategic focus on operational efficiencies and sustainability initiatives contributed to a 24 percent increase in Ebitda (earnings before interest, taxes, depreciation and amortization) to P205.3 billion and a 34 percent increase in consolidated operating income to P144.5 billion.

SMC president and chief executive officer Ramon Ang said the company had a strong finish in 2023 marked by a healthy operating income and Ebitda.

He said the firm’s robust performance again reflected “our resilience and ability to deliver a strong bottom line despite macroeconomic uncertainties, and our commitment to continue investing in nation-building projects.” / PR


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