San Miguel Corporation Delivers 19% Net Income Growth to P37.1 Billion in 9M24

​San Miguel Corporation (SMC) reported a 19% rise in net income to P37.1 billion during the first nine months of 2024, driven by strong revenue growth across its diverse businesses.

Despite challenges such as typhoons and currency fluctuations, SMC's consolidated revenues increased by 11% to P1.2 trillion. This strong performance was fueled by higher sales volumes in its Power, Fuel & Oil, Food, and Spirits businesses.

Operating income also went up by 11%, with improved profitability in the Food, Spirits, and Infrastructure sectors, which offset lower refining margins in the Fuel & Oil business. EBITDA went up by 9% to P168.1 billion.

Overall, the company's strong performance demonstrated its ability to adapt to challenges and deliver consistent growth.

"Our commitment to sustainable growth and responsible cost management is at the core of everything we do. Our strong results reflect our ability to run our businesses efficiently, seize growth opportunities, and focus on building long-term value and excellence," said SMC Chairman and CEO Ramon S. Ang.