SMC sales cross P1T
San Miguel Corp. said its profit reached P12.9 billion, down 62.22 percent from P34.15 billion last year.
Revenues grew 71 percent to P1.1 trillion from P 650.6 billion and surpassed pre-pandemic full year revenues of P1 trillion.
Consolidated income from operations rose 24 percent to P108.5 billion, mainly driven by the continuing strong performance of Petron, food and beverages, packaging and infrastructure combined with groupwide cost initiatives which mitigated the continuing challenges of increasing raw material costs, elevated coal prices, inflation and forex movements.
GT Capital nets P15B
GT Capital Holdings Inc. grew its by 72 percent to P15 billion from P8.7 billion last year. Core profit hit P11.3 billion, up 41 percent from P8.1 billion the prior year.
The growth was driven by net income contributions from Metropolitan Bank & Trust Co. at P23.4 billion, Toyota Motor Philippines at P4.4 billion, and Federal Land Inc. at P4.2 billion.
GT Capital associate Metro Pacific Investments Corp. also provided support with a 25 percent rise in core net income to P11.8 billion,
AGI income drops
Alliance Global Group Inc. posted a drop in profit in the first nine months of the year to P11.92 billion compared to last year’s P12.03 billion.
Revenues reached P128.3 billion, up 16.7 percent from P110.1 billion last year.
The diversified conglomerate of tycoon Dr. Andrew L. Tan credited its healthy topline performance mainly to the sustained improvement in mobility which benefitted its consumer and real estate businesses, supported by its strong product positioning and aggressive marketing strategies.
MWC earnings jump 34%
Manila Water Co. Inc. booked a 34 percent increase in its net income for the first nine months of the year to P4.52 billion from P3.39 billion recorded for the same period last year.
Revenues went up by 8 percent to P16.46 billion from P15.27 billion.
Billed volumes in the East Zone went down by 1 percent at 947.8 million cubic meters (mcm) during the first three quarters of 2022 compared to last year’s 961.6 mcm.
Among Manila Water local subsidiaries that recorded big improvements for billed volumes are Boracay Water with 2.6 mcm from 1.7 mcm equivalent to a 50 percent surge, Cebu Water with 10.3 mcm from 7.6 mcm equivalent to a 35 percent jump and Tagum Water with 7.1 mcm from 5.9 percent equivalent to a growth of 20 percent.
PSPC profit up 31%
Pilipinas Shell Petroleum Corp. (PSPC) recorded a 30.9 percent growth in its net income for the first nine months of the year at P4.41 billion from last year’s P3.37 billion.
The company said that the performance was achieved despite challenges posed by rising inflation and depreciation of the Philippine peso against the US dollar.
PSPC attributed the gains to strong marketing performance as year-to-date marketing volume delivery increased by 7 percent compared to the previous year, alongside consistent high premium fuel penetration and disciplined cost management.
The company also experienced a 16 percent growth in commercial fuels sales volume due to reliability of supply to customers and spot sales in the power sector.
PSPC’s non-fuel retail business posted a 23 percent increase.
