RAMON Ang-led San Miguel Corp. (SMC) recorded a 19-percent increase in net income to P37.1 billion for the first nine months of 2024, driven by strong sales growth across its businesses despite economic headwinds and natural calamities.

"Our commitment to sustainable growth and responsible cost management is at the core of everything we do," SMC Chairman and CEO Ramon Ang said.

Total revenues for the nine months to September reached P1.2 trillion, up 11 percent from P1.1 trillion last year, on higher sales by the power, fuel and oil, food, and spirits businesses — achieved despite challenges such as typhoons and currency fluctuations.

Operating income grew 11 percent as the foods, spirits, and infrastructure sector offset lower refining margins in the fuel and oil business.

Earnings before interest, taxes, depreciation and amortization (Ebitda) rose 9 percent year on year to P168.1 billion.

By segment, San Miguel Food and Beverage Inc. (SMFB) recorded an 11-percent increase in consolidated net income to P30.4 billion as sales grew 5 percent to P291.1 billion.

San Miguel Foods saw sales climb 4 percent year on year to P134.3 billion, led by an 11-percent rise in revenue from its prepared and packaged food brands.

San Miguel Brewery reported sales growth of 3 percent to P111.2 billion, with domestic sales at P99.1 billion and international sales touched $212.4 million.

Ginebra San Miguel Inc. booked a 17-percent revenue growth to P45.6 billion, driven by higher prices and volumes amid strong brand performance and a more efficient distribution system.

In the fuel and oil segment, Petron Corp. posted revenues of P657.9 billion, up 12 percent from last year.

In the infrastructure segment, San Miguel Infrastructure saw an 8-percent rise in consolidated revenues to P27 billion, with the combined daily average traffic volume from its toll roads rising by 2 percent to 1.02 million vehicles.

The cement business — comprised of Eagle Cement Corp., Northern Cement Corp., and Southern Concrete Industries Inc. — delivered a 3-percent increase in volume even as industry volume contracted by about 2.3 percent. The segment booked P27 billion in revenues, down 6 percent as selling prices decreased due to the influx of imported cement.

SMC shares were unchanged at P88.00 each on Monday amid a 0.53-percent drop for the benchmark Philippine Stock Exchange index.