SMC Posts P15-B Profits In Q3, Bounces Back From COVID-19 Dip As Economy Heals

SMC Posts P15-B Profits In Q3, Bounces Back From COVID-19 Dip As Economy Heals

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San Miguel Corporation (SMC) posted a net income of P15 billion for the third quarter of 2020, a full turnaround from the P4.0 billion loss during the 1st half following the easing of restrictions starting July.

“The country has proven its adaptability and resilience in these trying times, and we, in San Miguel Corporation, will continue to deliver on our commitment to help the country build back better and stronger as we emerge from this pandemic,” SMC president and COO Ramon S. Ang said.

Consolidated revenues and operating income of P531.1 billion and P41.5 billion for the period ended September, however remained lower at 30% and 53%, compared to the previous year, mainly due to the huge impact of the pandemic especially in the second quarter. EBITDA ended at P83.8 billion, 32% lower than 2019 while net income registered P10.7 billion, reversing the 1st half loss of P4.0 billion.

 

FOOD AND BEVERAGE

San Miguel Food and Beverage, Inc.’s September year-to-date consolidated revenues amounted to P194.6 billion, 14% lower than in the same period in 2019, but an improvement from the first half results. Beer and Spirits volumes continued to improve, while San Miguel Foods’ Prepared and Packaged Food segment registered sustained growth.

SMFB’s consolidated operating income and net income ended at P20.5 billion and P14.4 billion, both lower by 39% and 37%, respectively.

 

BEER

San Miguel Brewery, Inc. (SMB) showed significant improvement in the 3rd quarter, delivering revenues of P29.7 billion, more than double the P14.4 billion reported in the 2nd quarter. However, despite the improvement, sales volumes for the nine-month period ended 38% lower than in the same period last year, at 138 million cases.

Consolidated revenues and operating income amounted to P72.5 billion and P14.8 billion, 30% and 47% lower than the previous year, respectively.

 

GINEBRA

Ginebra San Miguel Inc. strengthened its volume rebound, recording an overall volume jump of 33% during the 3rd quarter versus the same period last year. This brought Sept-ytd sales volumes to 27.4 million cases, 3% higher than last year, a complete turnaround from its 1st half 10% volume decline.

GSMI’s consolidated revenues amounted to P25.3 billion, 18% higher than the same period last year while operating income and net income further grew by 41% and 67% at P3.1 billion and P2.2 billion, respectively.

 

SAN MIGUEL FOODS

San Miguel Foods registered a 4% drop in consolidated revenues to P96.7 billion in the first nine months primarily due to prevailing weakness of poultry prices, slowdown in food service and retail operations, and the continuing effects of the African Swine Fever on commercial feeds. This was, however, cushioned by the solid performance of the Prepared and Packaged Food business, reflecting the resilience of its portfolio, effective operational execution in addressing changing consumer behavior, and channel dynamics.

 

SMC GLOBAL POWER

SMC Global Power Holdings Corp. posted Sept year to date off-take volumes of 19,825 Gwh, 8% lower compared to the same period last year. Consolidated revenues amounted to P87.9 billion, 16% lower versus last year. Net income amounted to P14.5 billion, 27% higher than last year.

SMC Global Power’s Masinloc Unit 3 with 335-MW capacity officially commenced operation last Sept. 26, 2020, bringing total capacity to 4,697MW.

 

PETRON

Petron Corporation saw its performance bouncing back in the 3rd quarter, delivering consolidated net income of P1.63 billion, mainly due to stabilizing world crude prices and government’s easing of the quarantine restrictions.

Consolidated retail volumes registered a 49% improvement during the 3rd quarter, with Philippine Operations improving by 33% compared to the 2nd quarter.

Domestic volumes have started to recover, with most Petron stations in the country operating under normal hours since August. Modest inventory gains have also been realized during the 3rd quarter, a turnaround from its inventory losses during the 1st half.

Petron’s Sept-ytd performance however still reflected the impact of the challenges the past six months. Consolidated revenues settled at P216.4 billion, 43% lower than last year, with consolidated sales volume from its Philippine and Malaysian operations also down 24% to 59.5 million barrels, from 78.7 million barrels a year ago.

Operating loss and Net Loss for the first nine months amounted to P10.4 billion and P12.6 billion, respectively.

 

INFRASTRUCTURE

SMC Infrastructure’s operating toll roads saw traffic volume improvements during the 3rd quarter, compared to the 1st half, but overall, September-ytd traffic volumes were still down by 37%.

Consolidated revenues amounted to P10.3 billion, 42% lower than last year, while operating income stood at P2.1 billion.

Despite these, SMC Infrastructure continued to deliver on major commitments, completing the entire structure of the Skyway Stage 3 project, which now connects the South Luzon Expressway to the North Luzon Expressway.

SMC President and Chief Operating Officer Ramon S. Ang has set Skyway’s soft-opening for December, with toll fees waived for an entire month.

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