SMC Reports Record 2022 Profits Amid Environmental Challenge
San Miguel Corporation (SMC) and its subsidiaries have reported record-breaking profits in 2022, while also facing a significant environmental challenge. The company will address the latter at a combined analysts' briefing on Thursday, March 16.
Ginebra San Miguel Inc., the spirits arm of SMC, saw its net income soar to P4.5 billion in 2022. Meanwhile, San Miguel Brewery Inc. reported a consolidated net income of P21.8 billion for the same period. The company's food and beverage sector, San Miguel Food and Beverage, posted an impressive P34.7 billion profit, marking a new record.
The group's success comes after recovering from the COVID-19 lockdowns. All four listed companies are expected to report healthy balance sheets.
However, SMC faces a major environmental issue. On February 28, 2023, the MT Princess Empress, an oil tanker chartered by a subsidiary, sank off Oriental Mindoro. The incident affected over 37,000 families, or more than 180,000 individuals, in Mindoro, Palawan, and Western Visayas. The charterer, SL Harbor Bulk Terminal Corporation, is not liable for pollution damage under the Oil Compensation Act of 2007.
SMC President and CEO Ramon Ang, the 9th richest Filipino with a net worth of $2.45 billion in 2022, will address this matter at the upcoming briefing.
Despite the environmental challenge, SMC and its subsidiaries have shown remarkable resilience and growth, with record profits in 2022. The company's upcoming briefing will provide more insights into their financial performance and plans to address the oil spill.
