SMC reports Q1 2025 net income surge to P43.4B, driven by FX gains

San Miguel Corporation (SMC), led by tycoon Ramon Ang, reported a significant increase in net income to P43.4 billion for the first quarter of 2025 compared to P8.9 billion the previous year, driven primarily by foreign exchange gains and a one-time gain from the partial sale of power assets.

Despite an 8% decline in overall revenues to P360.9 billion due to weaker crude prices and lower contributions from its power business following the deconsolidation of the Ilijan Power Plant, SMC's food, hard liquor, and infrastructure units continued to drive growth.

San Miguel Food and Beverage Inc. (SMFB) saw net income grow by 16% to P11.6 billion with revenues increasing by 4% to P98.9 billion, while San Miguel Brewery reported a one percent increase in net income to P6.6 billion.

Ginebra San Miguel recorded an 11% increase in net income to P2.1 billion, driven by a 8% rise in revenue to P16.3 billion, and Petron Corporation saw revenues drop to P194.4 billion from P227.6 billion last year but reported net income of P4 billion due to strong domestic sales.

SMC Infrastructure's revenues rose by 7%, with operating income reaching P5.3 billion due to continued growth in toll road operations, while San Miguel Global Power experienced a revenue decline to P42.5 billion but saw reported net income climb P26.4 billion including a one-time asset sale gain.

SMC’s cement business reported a 4% decline in revenue to P8.9 billion amid heightened import competition and soft demand.