SMC to continue commitments

SAN Miguel Corp. (SMC) President Ramon Ang vowed that the company will continue to focus its investments in the Philippines in the next six years and beyond as part of its continuing commitment to lead in nation-building and create economic opportunities.

"There are many projects in various stages of development throughout the San Miguel Group. What is common to all these projects is our stronger push for nation-building, and toward greater sustainability," he said.

SMC backed this vow as it reported robust growth throughout 2021 and the first quarter of the year during its Annual Stockholders' Meeting on June 14.

It reported a strong full-year performance for 2021, as all its major businesses turned in higher volume, revenue and improved income results. A number of its businesses also made full recoveries and even delivered better than pre-pandemic results.

The company's consolidated revenues rose 30 percent to P941.2 billion during 2021, compared to the previous year of P725.8 billion. Operating income reached P117.2 billion in 2021, up 64 percent P71.5 billion in 2020.

In addition, net income amounted to P48.2 billion during 2021, 120 percent higher than its value in 2020 (P21.88 billion), while Ebitda (earnings before interest, taxes, depreciation and amortization) was 28 percent higher at P160.9 billion.

The company's growth momentum carried through the first quarter of 2022, with revenues reaching P316.8 billion, up 57 percent versus the same period last year which was at P201.6 billion.

Consolidated income from operations in 2022 rose 25 percent from P32.21 billion to P40.1 billion, while recurring net income amounted to P13.9 billion, lower in comparison to P17.74 billion during the same period last year. Meanwhile, group Ebitda for the first quarter was up 9 percent to P44.8 billion.

Ang said the company would continue to pursue expansion and massive, game-changing projects to help bring the Philippines to new levels of growth that's viable, inclusive and sustainable.

"In this decade and beyond, each of our new projects will benefit both [the] society and the environment. More than just building infrastructure, it is about creating better opportunities for more Filipinos while ensuring that future generations will still benefit from the natural resources we enjoy today," he added.

The SMC is undertaking several projects and these include: The New Manila International Airport, the Metro Rail Transit 7 (MRT 7) project, the South Luzon Expressway (SLEx) TR4 project, the upcoming SLEx TR5 project and 31 new Battery Energy Storage System facilities nationwide.

Source: TheManila Times