SMC Posts Surge In Profits

San Miguel Corp (SMC) posted a 57% surge in its consolidated net profits to Php27.6 billion last year on back of strong turnover from new businesses. SMC President Ramon Ang said that huge investments in oil refining and distribution as well as power generation were major catalysts while its beverage, food and packaging businesses registered weaker growth.

He added that the company’s performance points to the strategic value of its growing portfolio. He also pointed out that turnover rose 30% year-on-year to Php698.9 billion, with revenues from new businesses accounting for roughly more than 70% of the total.

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GT Capital Holdings, Inc. registered a Php6.5 billion consolidated net income last year, roughly 97% more than in its previous year. Core net income soared 63% to Php5.4 billion with consolidated revenues increasing by 189%, totaling Php23 billion.

Metrobank posted a 40% growth in its consolidated net income to Php15.4 billion, Toyota Motor Philippines Corp’s net income surged by 37% to Php3 billion and Global Business Power Corp expanded its profits by 64% to Php2.6 billion. Meanwhile, AXA Philippines, was reported to have registered a net income of Php915 million but no further comparative figures were provided.

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