San Miguel Corporation (SMC), a diversified conglomerate in the Philippines, reported a remarkable earnings increase for the first quarter of the year, with net income soaring to ₱43.4 billion, reflecting a substantial 388 percent rise from ₱8.9 billion in the same period last year.

This sharp growth was primarily attributed to significant one-time gains from the partial sale of power assets and favorable foreign exchange movements.

Excluding non-recurring items, SMC's core net income grew 31 percent to ₱19.0 billion, supported by effective cost management strategies and strong performance across many of its core business units.

In contrast, total revenues experienced an eight percent decline, amounting to ₱360.9 billion.

The decrease was largely driven by lower crude oil prices impacting the Fuel and Oil segment, alongside diminished contributions from the Power business, following the deconsolidation of the Ilijan Power Plant.

However, this revenue downturn was partially offset by improved sales in the Food, Hard Liquor, and Infrastructure sectors.

The company's operating income registered a 13 percent increase, reaching ₱45.6 billion, bolstered by margin enhancements in the Power, Food & Beverage, and Infrastructure divisions.

Consolidated EBITDA rose 17 percent year-on-year to ₱64.2 billion, indicating solid operational performance.

Ramon S. Ang, Chairman and CEO of SMC, stated that the company had a strong start to the year and acknowledged the resilience and effective performance of its businesses despite various challenges.

In specific operational results, San Miguel Food and Beverage, Inc. (SMFB) recorded consolidated revenues of ₱98.9 billion, marking a four percent increase year-over-year, with net income increasing by 16 percent to ₱11.6 billion.

San Miguel Foods reported revenues of ₱46.3 billion, reflecting an eight percent rise, fueled by robust poultry sales and steady demand for processed meats and dairy products.

Its net income surged by 83 percent to ₱3.0 billion.

San Miguel Brewery had sales of ₱36.3 billion, with net income slightly increasing by one percent to ₱6.6 billion.

Ginebra San Miguel also reported revenues of ₱16.3 billion, an eight percent increase, while its net income grew by 11 percent to ₱2.1 billion.

San Miguel Global Power recorded revenues of ₱42.5 billion, a four percent decline year-on-year, attributed to the deconsolidation of the Ilijan Power Plant.

Nevertheless, robust performances from other power facilities and developments in battery energy storage systems partially mitigated this decline.

Reported net income reached ₱26.4 billion, which included ₱21.9 billion in gains from the asset sale.

When excluding this gain, the net income still showed a notable 188 percent increase to ₱4.5 billion.

Petron Corporation, a subsidiary of SMC, achieved a two percent increase in net income to ₱4.0 billion, supported by strong domestic sales and improved operational margins, although total revenues decreased to ₱194.4 billion from ₱227.6 billion due to lower crude prices and softer export sales.

SMC Infrastructure reported a seven percent rise in revenues for the first quarter, driven by continued growth in its toll road operations.

EBITDA increased by six percent, with a margin remaining steady at 78 percent.

Additionally, SMC's Cement business, which includes Eagle Cement, Northern Cement, and Southern Concrete Industries, had consolidated revenues of ₱8.9 billion, down four percent year-on-year amid increased competition from imports and softening demand, despite a one percent increase in sales volume.

Operating income stood at ₱1.6 billion, while EBITDA saw a five percent decline to ₱2.5 billion.