TOP conglomerate San Miguel Corporation (SMC) had declared an increase in their full-year profits for 2023.

In a statement, SMC posted a 67% increase in their consolidated net income or  ₱44.7 billion. 

The company said that this is due to the strong growth across their key businesses mainly San Miguel Brewery, Inc. (SMB), Ginebra San Miguel, Inc. (GSMI), Petron, and SMC Infrastructure, together with the integration of Eagle Cement Corporation's financial results. 

Likewise, SMC said that their strategic focus on operational efficiencies and sustainability initiatives had contributed to a 24% increase in EBITDA to ₱205.3 billion and a 34% rise in consolidated operating income to ₱144.5 billion. 

“We had a strong finish to 2023, which was marked by a healthy operating income and EBITDA, thanks to our continuous efforts to maximize operational efficiencies, aligned with our sustainability agenda. Our robust performance again reflects our resilience and ability to deliver a strong bottom line despite macroeconomic uncertainties, and our commitment to continue investing on nation-building projects,” SMC President and CEO Ramon S. Ang, said.

San Miguel Food and Beverage Inc. (SMFB) continued to show outstanding financial results for the year as it generated revenues of ₱379.8 billion.

The San Miguel Global Power however, reported a 23% decline in revenues to ₱169.6 billion.

But Petron’s continuing efforts to sustain demand recovery, optimize assets and resources, and respond to market volatility, resulted in a 60% improvement in operating income, which reached ₱30.7 billion coming from ₱19.2 billion in 2022. The SMC Infrastructure had consolidated revenues of ₱34.0 billion, 17% higher than the previous year. 

On the other hand, the Cement Business, comprised of Eagle Cement Corporation, Northern Cement Corporation, and Southern Concrete Industries, Inc., registered a four-fold growth in consolidated revenues to ₱37.2 billion in 2023.