Diversified conglomerate San Miguel Corporation (SMC) reported a 60 percent jump in consolidated revenues to P1.5 trillion last year, from P941 billion in 2021, surpassing its 2019 pre-pandemic result of P1.0 trillion. In a statement, the firm said consolidated income from operations rose 10 percent to P134.5 billion, driven by the sustained performance of key businesses such as Petron, San Miguel Food and Beverage, San Miguel Packaging, and SMC Infrastructure. This was also due to group-wide cost management efforts to mitigate the effects of increasing raw material costs, inflation pressures, and foreign exchange movements. Consolidated core net income amounted to P43.2 billion, while reported net income ended at P26.8 billion, reflecting the impact of unrealized losses on the revaluation of its foreign currency-denominated long-term debt. EBITDA, on the other hand, went up 3 percent to P165.0 billion. “Our strong top line performance is a clear indication of our economy’s continuous recovery as well as the strong consumer demand for our products and services. While challenges remain, we’re confident in the measures and programs we’ve put in place to weather these,” said SMC President and CEO Ramon S. Ang. He added that, “We remain strongly committed to executing on the long-term growth strategy we’ve laid out for our company, that will also significantly benefit our country.” San Miguel Food and Beverage, Inc. posted consolidated revenues of P358.9 billion, a 16 percent increase over the previous last year, driven by sustained volume growth and better selling prices across the Beer, Spirits, and Food divisions. Net income rose 10 percent to P34.7 billion. San Miguel Brewery Inc. sustained its recovery in 2022, delivering consolidated volumes of 224.5 million cases, up 10 percent from the previous year, driven by effective brand-building and demand generation programs that capitalized on positive economic growth in both domestic and international markets. Consolidated revenues rose 17 percent to P136.2 billion while net income ended at P21.8 billion, 6 percent higher than the previous year. Ginebra San Miguel, Inc. delivered another record performance in 2022, registering its highest-ever net income of P4.5 billion, which exceeded its 2021 results by 9 percent. Volumes reached an all-time high of 44.6 million cases, surpassing 2021 levels by 7 percent on the back of effective marketing campaigns. San Miguel Foods (SMF) sustained its robust topline performance throughout 2022, delivering consolidated revenues of P175.3 billion, 16 percent higher than the previous year. San Miguel Global Power Holdings Corp. recorded consolidated revenues of P221.4 billion, up by 66 percent from P133.7 billion in the previous year, brought about by an increase in average realization prices, higher spot sales prices, and improved power nominations. Operating income however declined by 22 percent to P28.9 billion compared to the P36.8 billion registered in the previous year, reflecting the impact of tremendous increases in fuel costs, exposure to high WESM prices, and the deration of the Ilijan power plant. Net income amounted to P3.1 billion, down 80 percent from the previous year. Petron Corporation’s recovery continued throughout the year, as it posted combined sales volumes from its Philippines and Malaysia operations of 112.8 million barrels, up 37 percent compared to 2021.  Domestic volumes climbed 43 percent, as demand from the industrial and aviation sectors recovered. Petron’s consolidated revenues jumped 96 percent to P857.6 billion from P438.1 billion in 2021, on the back of the fuel demand growth and higher crude prices. Consolidated net income amounted to P6.7 billion, 9 percent better than the P6.1 billion it reported in 2021. SMC Infrastructure delivered consolidated revenues of P29.0 billion, 47 percent higher than 2021 level. Traffic volume at all operating toll roads increased 25 percent, sustaining its upward trend. Operating income grew 110 percent to P14.2 billion owing to higher traffic volume.