SMC core profit soars to P79.6 billion in 2025

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March 17, 2026 | 12:00am

MANILA, Philippines — Core earnings of diversified conglomerate San Miguel Corp. (SMC) expanded by more than half last year as a result of stronger profitability across its businesses, improved margins and continued cost discipline.

SMC’s core net income surged by 52 percent to P79.6 billion in 2025, while reported net income reached P94.7 billion, supported by gains from the fair valuation of investments and foreign exchange movements.

The company generated P1.5 trillion in revenues last year, with steady contributions from its food, spirits and infrastructure businesses cushioning the impact of softer crude prices and the de-consolidation of the Ilijan and EERI power facilities.

SMC chairman and CEO Ramon Ang said the group’s 2025 performance showed the value of having a diversified portfolio and a clear focus on execution.

“The strength of our businesses allowed us to navigate market changes, improve profitability and remain disciplined in how we invest. Moving forward, we will continue to strengthen our businesses and pursue opportunities that create long-term value,” Ang said.

With a record performance from its food business, continued growth in spirits as well as higher international beer sales, San Miguel Food and Beverage Inc. posted a 13-percent increase in consolidated net income to P46.3 billion last year.

San Miguel Foods reported P196.3 billion in revenues, while San Miguel Brewery Inc. and Ginebra San Miguel Inc. recorded P155.4 billion and P67.4 billion, respectively.

San Miguel Global Power, meanwhile, saw its net income balloon by 290 percent to P48.3 billion, supported by a P21.9 billion one-off gain.

Its revenues, however, weakened by 23 percent to P157.2 billion, with offtake volumes declining primarily due to the divestment and resulting deconsolidation of the Ilijan and EERI power plants.

For its part, Petron Corp. capped off 2025 with its strongest financial performance to date, delivering record net income of P15.6 billion, 84 percent higher year-on-year.

The surge was driven by sustained domestic volume growth, improved productivity at its Philippine and Malaysian refineries and savings on financial cost alongside effective working capital management.

SMC Infrastructure likewise sustained its growth trajectory, with net income increasing by five percent to P14.8 billion as revenues climbed by seven percent to P40.2 billion on the back of higher traffic volumes across all toll roads.

Softer demand and lower average selling prices amid the continuous influx of traded imports, meanwhile, pulled down revenues of SMC’s cement business by five percent to P33.2 billion in 2025.