{
  "id": 1519029,
  "title": "San Miguel core profit jumps 48% to P54.2 billion",
  "url": "https://urgent.news/2026/08/17/san-miguel-core-profit-jumps-48-to-p54-2-billion",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-17T16:00:00.000Z",
  "source": {
    "name": "Philippine Star Business",
    "slug": "philippine-star-business",
    "url": "https://www.philstar.com/business/2026/08/18/2549929/san-miguel-core-profit-jumps-48-p542-billion"
  },
  "original_language": "en",
  "account": "San Miguel Corporation (SMC), a diversified conglomerate, witnessed a significant surge in its core profit during the first half of the year, with a notable increase of 48 percent to reach P54.2 billion. This growth occurred amidst volatile global markets, heightened costs, and cautious consumer spending. The profits expanded due to higher volumes and prices in the company's fuel and oil business, improved contributions from power generation, and the continuous expansion of the food sector. However, the consolidated net income decreased by 44 percent year-on-year to P37.7 billion, partially attributed to foreign exchange fluctuations and non-core elements. The P21.9 billion increase in earnings was primarily due to a gain arising from the Chromite transaction, which involved the de-consolidation of certain power assets. SMC's chairman and CEO, Ramon Ang, expressed satisfaction with the company's performance, stating that despite the challenging operating environment, the underlying operations remained robust. He emphasized the commitment to maintaining cost discipline, enhancing efficiency, and investing in long-term growth areas that benefit the country's economic development. In the food business segment, earnings fell by four percent to P22.1 billion, although revenues increased by two percent to P205.3 billion. San Miguel Food and Beverage Inc. stated that this decline was offset by the positive impact of growth in the food business, which helped counteract softer consumer spending and disruptions in some export markets. On the other hand, Petron Corp., a subsidiary of SMC, reported a 27 percent decline in net income to P3.8 billion during the same period. This decrease was caused by geopolitical tensions in the Middle East, which led to an increase in crude prices, import premiums, freight costs, and other operational expenses. However, the company's revenue surged by 57 percent to P605.9 billion, driven by higher prices and sales volumes. SMC Infrastructure contributed to the overall growth with revenues of P20.5 billion, up by three percent year-on-year. Despite a decline in average daily traffic to 1.07 million vehicles due to elevated fuel prices, the segment's performance remained positive. The cement business within SMC, comprising Eagle Cement, Northern Cement, and Southern Concrete Industries, experienced a two-percent rise in first-half revenues to P18.2 billion. This growth resulted from higher sales volumes and market share gains, which offset lower average selling prices amid intense competition and continued pressure from cement imports.",
  "summary": "Diversified conglomerate San Miguel Corp. saw its core profit expand by nearly half in the first six months as the group’s businesses stayed resilient despite volatile global markets, higher costs and cautious consumer spending.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}