Billionaire Ramon Ang's San Miguel Corp. Earned P1.5 Trillion in 2022


Listed conglomerate San Miguel Corp.  reported earnings of P1.5 trillion in 2022, up 60 percent from the P941 billion it brought in in 2021, and even outperforming the 2019 record of P1 trillion. 

Net income from operations, meanwhile, increased 10 percent to P134.5 billion, which the company attributed to the “sustained performance” of key business units Petron, San Miguel Food & Beverage (SMFB), San Miguel Packaging, and SMC Infrastructure. It also cited group-wide cost management efforts to mitigate the effects of increasing raw material costs, inflation pressures, and forex movements. 

Meanwhile, consolidated core net income was at P43.2 billion and reported net income at P26.8 billion.


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“Our strong topline performance is a clear indication of our economy’s continuous recovery as well as the strong consumer demand for our products and services,” SMC president and CEO Ramon Ang said in a statement. “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.”

As for earnings of individual units, SMFB led the way, with net income rising 10 percent to P34.7 billion, from consolidated revenues which also surged 15 percent to P358.9 billion. The company attributed the increase to sustained volume growth, and better selling prices across Beer, Spirits, and Food divisions.


San Miguel Brewery delivered consolidated volumes of 224.5 million cases, up 10 percent from 2021, leading to a 17-percent increase of consolidated revenues of P136.2 billion, and net income at P31.8 billion, up six percent from the previous year.

Ginebra San Miguel reported volume sales of 44.6 million cases, up seven percent from 2021, resulting in the unit’s highest-ever net income of P4.5 billion, an increase of nine percent from 2021.

San Miguel Foods’s net income increased 21 percent to P9.2 billion from 2021 on the back of consolidated revenues of P175.3 billion, which is up 16 percent higher from the previous year. The unit cited growth of volume across most segments, boosted by “intensified distribution, aggressive promotional activities, launch of new products, and utilization of additional capacity from new facilities.” 

A rare downturn was net income of San Miguel Global Power Holdings was at P3.1 billion, which tanked 80 percent compared to the previous year, although consolidated revenues was up 66 percent to P133.7 billion. 

Demand from industrial and aviation sectors drove Petron’s business up, with consolidated revenues surging 96 percent to P857.6 billion from P438.1 billion in 2021 on the back of fuel demand growth and higher crude prices. Consolidate net income was at P6.7 billion, up nine percent from P6.1 billion in 2021.

Finally, SMC Infrastructure posted a 110-percent increase in operating income to P14.2 billion from consolidated revenues of P29 billion up 47 percent from 2021 levels due to higher traffic volume.


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Paul John Caña
Associate Editor, Esquire Philippines
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