San Miguel reports P36.7B net income decrease

San Miguel Corp. (SMC) reported a net income of P36.7 billion for 2024, an 18% decrease from the previous year, mainly due to foreign exchange losses and a struggling cement unit. Core net income, excluding nonrecurring items, rose 22% to P52.3 billion. Revenues exceeded P1 trillion for the third year, reaching P1.6 trillion, a 9% increase. Growth was driven by higher sales in food and beverage, power, and oil, while the cement segment faced a 6% revenue decline. Key segments showed strong performance: San Miguel Food and Beverage sales grew 6% to P400.9 billion, and San Miguel Global Power's revenues surged 21% to P205.1 billion. However, the cement business continued to struggle with lower prices.