“Overall, it’s been a very challenging period, with geopolitical conflict resulting in uncertainties and serious supply and cost issues that are affecting industries all over the world,” SMC President and Chief Executive Officer Ramon S. Ang said in a press release on Thursday.
SMC’s operating income went up by 41% to P85.9 billion which it attributed to the performance of its fuel and oil subsidiary Petron and sustained recoveries of its food, beverage, packaging, and infrastructure businesses. The growth came after a 17% increase in its consolidated revenues to P172 billion and a 15% increase in its consolidated operating income to P26.6 billion driven by volume growth and better selling prices across its beer, spirits, and food divisions.
Ginebra San Miguel, Inc. reported an increase in its net income by 19% to P2.5 billion and a 14% increase in its revenues to P23.1 billion. On the other hand, it posted a decline in its operating income by 26% to P12.8 billion due to an unprecedented increase in fuel input costs and Malampaya gas field supply issues.