San Miguel Corp. reports ₱52 billion net income in 2016

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Metro Manila (CNN Philippines) — 2016 was a big year for San Miguel Corporation.

The diversified conglomerate's net income breached the ₱52 billion mark, an 80-percent spike in earnings from the previous year.

In a statement released on Thursday, San Miguel said this was driven by higher revenues across major businesses, mostly delivering double-digit income growth.

The top three subsidiaries that contributed the most to the company's earnings are:

  • Petron
  • San Miguel Holdings
  • San Miguel Brewery

Petron closed the year strong with consolidated income reaching ₱10.8 billion in 2016 - 73 percent higher compared WITH P6.3 billion in 2015.

Growth was driven by efficient operations, increased production, and effective risk management.

Petron's operating income also grew 31 percent to ₱23.8 billion.

San Miguel Holdings Corp.'s revenues for 2016 were ₱19.9 billion - 13 percent higher than last year.

The company's infrastructure business growth was mainly driven by rising traffic volume for all SMC-operated toll roads: South Luzon Expressway, Skyway 1 and 2, Southern Tagalog Arterial Road, and Tarlac-Pangasinan-La Union Expressway.

San Miguel Brewery posted a revenue of ₱97.2 billion, 18 percent higher than in 2015. The SMC unit sold 230.4 million cases of beer, 12 percent more than the previous year.

Growth was also seen in international operations, where the company said "significant improvements" were posted.

Other businesses' earnings were:

  • Ginebra San Miguel Inc. - ₱18.6 billion (9 percent higher)
  • San Miguel Pure Foods Co., Inc. - ₱111.6 billion (4 percent higher)
  • San Miguel Packaging Group - ₱27.4 billion (9 percent higher)
  • SMC Global Power - ₱78 billion (5 percent higher)