SMC 2022 revenues up 60% to P1.5 trillion, top pre-pandemic levels
San Miguel Corp. (SMC) ended 2022 with strong consolidated revenues of ?1.5 trillion, up 60 percent from ?941 billion in 2021 surpassing its 2019 pre-pandemic result of P1 trillion.
Consolidated income from operations rose 10 percent to ?134.5 billion, driven by the sustained performance of key businesses such as Petron, San Miguel Food and Beverage, San Miguel Packaging, and SMC Infrastructure, as well as group-wide cost management efforts to mitigate the effects of increasing raw material costs, inflation pressures, and forex movements.
Consolidated core net income amounted to ?43.2 billion, while reported net income ended at ?26.8 billion, reflecting the impact of unrealized losses on the revaluation of its foreign currency-denominated long-term debt. EBITDA, on the other hand, went up 3 percent to ?165.0 billion.
“Our strong top line performance is a clear indication of our economy’s continuous recovery as well as the strong consumer demand for our products and services. While challenges remain, we’re confident in the measures and programs we’ve put in place to weather these. We remain strongly committed to executing on the long-term growth strategy we’ve laid out for our company, that will also significantly benefit our country,” said SMC President and CEO Ramon Ang. SMC Media Affairs
