Conglomerate San Miguel Corp. (SMC) reported a net income of P39.21 billion for the first nine months of 2025, nearly eight times higher than the P4.98 billion recorded this time last year. The surge reflects improved operations across its core businesses despite challenges in fuel and oil.
Exponential Growth
SMC’s consolidated earnings rose to P78.64 billion, up from P37.1 billion in 2024. The company’s growth was driven by food, beverages, power, and infrastructure, which offset weaker performance in the fuel and oil sectors.
“Despite factors outside our control, we delivered strong results and continued making steady progress on our major projects,” SMC Chairman and CEO Ramon S. Ang said in a statement on Wednesday, November 19.
He also noted that operational improvements and strategic management helped the company sustain profitability amid market pressures.
Core Performance Highlights
SMC reported a 54 percent rise in core net income, reaching P60.3 billion, reflecting robust underlying performance. Operating income climbed to P137.4 billion, while EBITDA (earnings before interest, taxes, depreciation, and amortization) hit P194.3 billion. Total revenues stood at P1.10 trillion, slightly lower due to softer crude prices and the deconsolidation of select power assets.
Food and beverages led SMC’s growth, with San Miguel Foods posting P143.5 billion in revenue (up 7 percent) and operating income of P12.9 billion. Meanwhile, Ginebra San Miguel delivered P48.7 billion in revenue, with operating income up 19 percent.
On the other hand, Petron saw revenue decline 10 percent to P594.9 billion but posted operating income of P26.6 billion. Furthermore, SMC Global Power revenue fell 23 percent, yet operating income improved to P34.8 billion.
The Future of San Miguel
SMC expects stronger consuming activity in the 4th quarter as holiday demand picks up, continuing its momentum from its nine-month performance and underscoring the resilience of its diversified business model.
