SMC posts P43.4B net income in Q1 2025, boosted by asset sale gains

San Miguel Corporation (SMC) reported a net income of P43.4 billion in the first quarter of 2025, nearly a four-fold increase from the previous year, boosted by one-time gains from the partial sale of its power assets.

Excluding these nonrecurring items, SMC's core net income saw a 31 percent surge to P19 billion due to improved performance across its main business segments.

The conglomerate's revenues decreased by 8 percent to P360.9 billion, primarily due to lower crude oil prices impacting its fuel and oil segment.

San Miguel Food and Beverage Inc. posted a net income of P11.6 billion, up by 16 percent, with its food division experiencing revenue growth of nearly a tenth to P46.3 billion and an 83 percent increase in net income to P3 billion, driven by strong poultry sales and demand for processed meats and dairy.

San Miguel Global Power's revenues declined by 4 percent to P42.5 billion due to the deconsolidation of the Ilijan power plant, though this was partially offset by gains from other power plants and battery energy storage systems.

SMC chair and CEO Ramon Ang stated that despite challenges, the company's businesses remained resilient and are expected to grow responsibly, benefiting more Filipinos.