San miguel’s revenues up 9% in first quarter of 2023

SAN Miguel Corp. (SMC) has reported that it started strong in the first quarter of 2023, with revenues hitting P346.7 billion, up nine percent from the same period in 2022.

It said its growth was broad-based across most of its businesses, bolstered by higher volumes coming from Petron, San Miguel Brewery Inc. and SMC Infrastructure, among others.

The conglomerate’s consolidated operating income rose eight percent to P35.1 billion, while its reported net income increased 27 percent to P17.7 billion from P13.9 billion in 2022.

It said its consolidated Ebitda (earnings before interest, taxes, depreciation and amortization) reached P50.7 billion, 13 percent higher than the previous year. (PR)