SAN Miguel Corp. (SMC) said Tuesday that its board of directors had authorized the issuance of cash dividends equivalent to 35 centavos per share.

The dividends amounting to P1.39 billion will be paid on July 26 to common shareholders on record as of June 28, 2024.

The diversified conglomerate was said to have posted a net income of P44.7 billion in 2023, a 67-percent increase from the previous year.

Consolidated revenues reached P1.4 trillion, driven by growth in its energy, food and beverage, and infrastructure businesses.

Consolidated operating income, meanwhile, surged by 34 percent to P244.5 billion, while earnings before interest, taxes, depreciation and amortization rose by 84 percent to P205.3 billion.

SMC Chairman and Chief Executive Officer (CEO) Ramon Ang said SMC was making significant strides toward sustainability, committing to achieve net-zero carbon emissions by 2050.

"Throughout San Miguel today, there is a greater push toward sustainability. This is led by [the] suspended sustainability board committee, which guides our strategic decision, including our goal to achieve a net-zero emission by 2050," Ang said.

"Our energy project, including the nationwide battery, energy storage systems and the upgraded liquefied natural gas facilities, support our country's transition to cleaner energy. These initiatives align with our goal to reduce carbon emission and provide reliable and affordable power for all," he added.

This goal is supported by various initiatives, including the development of nationwide battery energy storage systems and the upgrade of liquefied natural gas facilities.

Additionally, SMC's infrastructure projects, such as the Metro Rail Transit 7 that is about 80-percent complete and the new Manila International Airport in Bulacan, are expected to significantly enhance urban mobility and support economic growth.

The company is also set to take over the management of Ninoy Aquino International Airport by Sept. 18, 2024, under broader efforts to enhance the country's infrastructure capabilities.

SMC disclosed that Ramon Ang's son, Eagle Cement President John Paul Ang, would serve as SMC's vice chairman and chief operating officer while his father will remain as chairman and CEO.

SMC's shares dropped by 10 centavos to close at P100.10 apiece on Tuesday. The stock market was closed on Wednesday in observance of Independence Day.