MANILA — San Miguel Corp. (SMC) said its core net income reached P19 billion in the first three months of 2025. 

In a statement, the conglomerate said this is because of disciplined cost management and the solid performance of its core businesses.

More specifically, San Miguel Brewery saw its net income go up by one percent to P6.6 billion. San Miguel Foods, meanwhile, saw revenues jump eight percent to P46.3 billion.

Its Petron Corp. also saw net income climb two percent to P4 billion because of strong domestic sales, steady operators, and higher margins.

Meanwhile, its infrastructure arm saw revenues soar seven percent in the first quarter because of its growing toll road operations. 

Its power business, meanwhile, saw reporterd net income climb P26.4 billion, including a P21.9 billion gain from an asset sale. Excluding the gain, net income was still up by more than double to P4.5 billion.

But the company's cement business — including Eagle Cement, Northern Cement, and Southern Concrete Industries — saw their consolidated revenues fall four percent year-on-year to P8.9 billion because of lower average selling prices.

San Miguel ended 2024 with P52.3 billion in core net income.

San Miguel core net income up 22 pct in 2024