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    SMC   PHY751061151

SAN MIGUEL CORPORATION

(SMC)
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San Miguel Corp. First-Half Profit, Revenue Jump on Covid Recoveries

08/05/2021 | 09:47pm EDT

By Ben Otto

Philippine conglomerate San Miguel Corp.'s profit and revenue both jumped in the first half as all of its major business lines staged recoveries from the pandemic-induced downturn a year ago.

San Miguel posted profit of 29.57 billion Philippine pesos ($587.7 million), the company said late Thursday, marking a turnaround from its PHP3.99 billion loss a year ago when the company was hit by pandemic disruptions. The result was also higher than the company's profit of PHP26.15 billion in the first half of 2019, before the pandemic broke out.

Consolidated revenue rose 16% to PHP410.12 billion, while operating income more than quadrupled to PHP61.02 billion on improved margins and cost controls.

Sales volumes at Petron Corp., the biggest contributor to consolidated revenue, were down 7% due partly to lower commercial fuel consumption in the aviation industry, but higher prices pushed net sales up 14% to PHP174.13 billion. Net sales at San Miguel Food & Beverage Inc. rose 20% to PHP146.79 billion.

Going forward, there is "no doubt that the uncertainties brought about by the pandemic will continue to have an impact on our businesses," San Miguel president Ramon S. Ang said.

The company plans to reach herd immunity among the workers at all of its facilities via its vaccination drive.

Write to Ben Otto at ben.otto@wsj.com

(END) Dow Jones Newswires

08-05-21 2146ET

Stocks mentioned in the article
ChangeLast1st jan.
PETRON CORPORATION 9.04% 3.98 End-of-day quote.-0.25%
SAN MIGUEL CORPORATION -0.26% 116.5 End-of-day quote.-9.06%
SAN MIGUEL FOOD AND BEVERAGE, INC. -1.23% 76 End-of-day quote.13.43%
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08/05San Miguel Corp. First-Half Profit, Revenue Jump on Covid Recoveries
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08/04San Miguel Food & Beverage 1st Half Net Rose 137%
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More news
Analyst Recommendations on SAN MIGUEL CORPORATION
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Financials
Sales 2021 815 B 16 077 M 16 077 M
Net income 2021 7 011 M 138 M 138 M
Net Debt 2021 - - -
P/E ratio 2021 39,5x
Yield 2021 1,20%
Capitalization 278 B 5 465 M 5 477 M
Capi. / Sales 2021 0,34x
Capi. / Sales 2022 0,32x
Nbr of Employees 45 522
Free-Float 11,4%
Chart SAN MIGUEL CORPORATION
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San Miguel Corporation Technical Analysis Chart | MarketScreener
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Technical analysis trends SAN MIGUEL CORPORATION
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 1
Last Close Price 116,50 PHP
Average target price 135,00 PHP
Spread / Average Target 15,9%
EPS Revisions
Managers and Directors
Ramon S. Ang Vice Chairman, President & Chief Operating Officer
Ferdinand K. Constantino Chief Financial Officer & Head-Information Officer
Virgilio S. Jacinto Secretary, Compliance Officer & General Counsel
Reynato Serrano Puno Independent Director
Margarito Bustalino Teves Independent Director
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