SMC's earnings fell 18% due to weak cement

San Miguel Corp. (SMC) reported an 18% drop in earnings for 2024, totaling P36.7 billion, mainly due to foreign exchange losses and a struggling cement business. Core net income, excluding nonrecurring items, rose 22% to P52.3 billion. Revenues increased by 9% to P1.6 trillion, driven by higher sales in food and beverage, power, and infrastructure. San Miguel Food and Beverage sales grew 6% to P400.9 billion, while power revenues surged 21% to P205.1 billion. However, SMC's cement business continued to decline, with revenues falling 6% to P34.9 billion due to lower selling prices. Overall, SMC aims to enhance efficiency and sustainability across its operations.