SAN Miguel Corp. eyes to grow “at least double digit” this year, tracking the momentum of the company’s first quarter results.
Ramon Ang, San Miguel chairman, told shareholders Tuesday the company will build on its success “by creating value through nation building project, maximizing synergies and integrating sustainability across our businesses.”
“Every step we take will further strengthen our company and dry pasty chains across the border of Philippine society,” Ang said.
“As you can see in the first quarter results of San Miguel group, we are growing double digit on revenue and operating income. So we will stick to that target of continuing to grow at least double digit for year 2024,” he added.
Ang reiterated the company’s goal towards sustainability. “Our mega poultry farms nationwide embody our approach to stay sustainable food production. They ensure a stable and affordable supply of chicken ultimately contributing to food security and regional instability,” he said.
“Our energy project including the nationwide battery, energy storage systems, and the upgraded liquefied natural gas facilities support our country’s transition to cleaner energy.
These initiatives align with our goal to reduce carbon emission and provide reliable and affordable power for all in terms of infrastructure, development,” he added.
Ang said the MRT-7 project, which is now 80 percent complete, is seen to significantly enhance urban mobility.
He said the new Manila international airport project in Bulacan is progressing very well.
“We are also set to take over the management of Ninoy Aquino International Airport by September 18,” he added.
Ang said the next few years will be about investing and getting things done for San Miguel.
San Miguel closed 2023 with profit of P44.7 billion, up 67 percent from P26.77 billion.
In the first quarter, profit was at P8.89 billion, down 49.89 percent from P17.74 billion last year.
Revenues however grew 13 percent to P392.71 billion from P346.72 billion, with operations in the liquor, food, power, fuels, and infrastructure businesses posting volume growth.
“Operational efficiencies and strategic cost management have led to a 15 percent rise in its operating income to P40.5 billion. EBITDA (earnings before interest taxes depreciation and amortization) grew by 8 percent to P54.8 billion,” it said in May.
