SMC posts 141% YoY rise in income

SMC posts 141% YoY rise in income
15 November 2023

Philippines-based San Miguel Corp (SMC), which owns Eagle Cement Corp, Northern Cement Corp and Southern Concrete Industries, has recorded net income of PHP31.2bn (US$556.7m) in the first nine months of 2023, up 141 per cent from the PHP12.9bn seen in the same period a year earlier.

Consolidated revenue over the same timeframe declined five per cent to PHP1.1trn, reports Manila Bulletin, while consolidated operating income expanded 29 per cent YoY to PHP110.2bn, aided by a stronger cement business, along with improvements in SMC’s fuel and oil, beverage, packaging and infrastructure segments.

EBITDA in the 9M23 advanced 22 per cent YoY to PHP154.2bn. 

Published under Cement News