San Miguel spending up to P281 billion up to 3 years expand existing business
San Miguel Corp. said it would be spending up to P281 billion over the next three years to fund the expansion of its existing businesses.
Ferdinand Constantino, chief finance officer and treasurer of San Miguel Corp. told the stock exchange Friday the company has set aside up to P281 billion to finance expansion of its existing food, oil and fuel, power and infrastructure businesses up to 2020.
The capex over the next three years is part of San Miguel’s P543 billion capital expenditure program for major projects of which, P282 billion has been spent as of the third quarter of last year.
San Miguel earlier reported a net income of P42.9 billion from January to September in 2016, up 125 percent from P19.08 billion during the same period in 2015.
San Miguel said the higher income was due new businesses such as power, registering an operating income growth of 18 percent, while Petron Corp. posted 23 percent and earnings from toll roads rose 7 percent.
San Miguel's consolidated revenues declined one percent to P498.3 billion in the January to September period last year from P503.3 billion in the same period in 2015.
Income from operations increased 24 percent to P73.2 billion from P59.01 billion in 2015.
San Miguel Brewery Inc. posted a net income of P12.2 billion from January to September, while Ginebra San Miguel’s profit surged to P238 million.
San Miguel Pure Foods Co Inc. reported a net income of P3.75 billion, while power subsidiary San Miguel Global Power Holdings Inc.’s net income amounted to P5.7 billion. DMS