ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintSite TitleTitle ChevronIcon Twitter
Consumer Non-Durables

San Miguel Corp.

Company Background

San Miguel was established in 1890, during the Spanish colonial period, as a single-product brewery. It is now the Philippines' most diversified conglomerate and the largest company by consolidated revenues. The company accounts for around 7% of the Philippines' gross domestic product.

The current president, chief operating officer, and single-largest shareholder, Ramon Ang, was instrumental in the company's diversification. Under Ang, a mechanical engineering graduate, the company expanded into power generation, oil refining, energy, property development, telecommunications, infrastructure, mining and air transportation. The company plans to further expand its food and beverage businesses, and is looking at acquiring an oil and gas field abroad. It is also constructing a 14.8km elevated expressway and is set to build a 22km railway in Manila. In May 2014, Ang pitched a $10-billion airport project to President Benigno Aquino III to replace the aging Ninoy Aquino International Airport in Manila.

However, it sold its 27% stake in power distributor Manila Electric to JG Summit Holdings for 72 billion pesos in 2013. Also in September 2014, it sold its 49% stake in Philippine Airlines for $1.36 billion back to the Lucio Tan Group.

Business Summary

San Miguel Corp. engages in the manufacture and sale of beverage, food, and packaging products. It operates through the following segments: Beverage, Food, Packaging, Energy, Fuel and Oil, and Infrastructure. The Beverage segment produces and markets alcoholic and non-alcoholic beverages. The Food segment includes feeds production, poultry and livestock farming, processing and selling of poultry and meat products, processing and marketing of value-added refrigerated processed meats and canned meat products, manufacturing and marketing of flour, importation and marketing of coffee and coffee-related products, and grain terminal handling. The Packaging segment comprises production and marketing of packaging products such as glass containers, glass molds, and polyethylene terephthalate bottles. The Energy segment sells, retail, and distributes power, through power supply agreements, retail supply agreements, concession agreement, and other power related service agreements. The Fuel and Oil segment includes refining and marketing of petroleum products. The Infrastructure segment involves in the construction and development of various infrastructure projects such as airports, roads, highways, toll roads, freeways, skyways, flyovers, viaducts, interchanges, and mass rail transit system. The company was founded in 1890 and is headquartered in Mandaluyong, Philippines.

Financial Highlights

Dec 2018 PHPUSD
Gross Profit191,414M3,633.32M
Operating income117,371M2,227.87M
Income before tax73,116M1,387.85M
Net income23,077M438.03M
Diluted EPS6.610.12
Dividends Per Share1.400.02
Total Assets1,676.64B31,884.41M
Total liabilities1,162.24B22,102.23M
Total equity337,745M6,422.83M
Operating cash flow66,667M1,265.44M
Currency in PHPCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 773,723M 672,243M 685,314M 826,086M 1,024.94B
Gross Profit 105,270M 132,533M 163,011M 174,525M 191,414M
Operating income 55,775M 80,549M 99,654M 111,237M 117,371M
Income before tax 37,161M 45,732M 57,272M 81,183M 73,116M
Net income 15,137M 12,365M 17,533M 28,225M 23,077M
EBITDA 78,856M 105,907M 130,835M 144,287M 155,650M
Diluted EPS 3.78 2.53 4.05 8.77 6.61
Dividends Per Share 1.40 1.40 1.40 1.40 1.40
Total Assets 1,217.48B 1,246.02B 1,306.82B 1,379.64B 1,676.64B
Total liabilities 827,498M 858,689M 867,616M 906,137M 1,162.24B
Total equity 240,900M 238,137M 279,942M 300,297M 337,745M
Operating cash flow 42,918M 69,673M 83,754M 84,846M 66,667M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 17,430.66M 14,763.87M 14,431.45M 16,385.83M 19,454.97M
Gross Profit 2,371.55M 2,910.70M 3,432.71M 3,461.79M 3,633.32M
Operating income 1,256.51M 1,769.02M 2,098.53M 2,206.44M 2,227.87M
Income before tax 837.17M 1,004.37M 1,206.04M 1,610.30M 1,387.85M
Net income 341.01M 271.56M 369.21M 559.85M 438.03M
EBITDA 1,776.49M 2,325.94M 2,755.14M 2,862.00M 2,954.47M
Diluted EPS 0.08 0.05 0.08 0.17 0.12
Dividends Per Share 0.03 0.03 0.02 0.02 0.02
Total Assets 27,217.10M 26,480.11M 26,287.63M 27,637.08M 31,884.41M
Total liabilities 18,498.80M 18,248.62M 17,452.67M 18,151.78M 22,102.23M
Total equity 5,385.34M 5,060.82M 5,631.21M 6,015.56M 6,422.83M
Operating cash flow 966.86M 1,530.16M 1,763.70M 1,682.96M 1,265.44M

Valuation Measures

Dec 2018
Operating margin11.45%
Profit margin2.25%

Key executives

  • Chairman & Chief Executive Officer: Eduardo M. Cojuangco
  • Vice Chairman, President & Chief Operating Officer: Ramon S. Ang
  • Chief Financial Officer & Treasurer: Ferdinand K. Constantino
  • Secretary, Compliance Officer & General Counsel: Virgilio S. Jacinto
  • Deputy Chief Finance Officer & Senior VP: Joseph N. Pineda


  • Top Frontier Investment Holdings, Inc. (66.1%)
  • ANG RAMON S (15.5%)
  • Government of the Philippines (1.1%)
  • Petron Corp. Employees Retirement Plan (0.5%)
  • Dimensional Fund Advisors LP (0.5%)
  • The Vanguard Group, Inc. (0.4%)
  • Millennium Energy, Inc. (0.4%)
  • Estate Of Sy Henry Sr (0.1%)
  • Canada Pension Plan Investment Board (0.0%)

Contact Details

Related Companies

  • Agusan Petroleum & Minerals Corp.
  • Central Luzon Premiere Power Corp.
  • San Miguel Bulk Water Co., Inc.
  • Vertex Tollways Devt, Inc.
  • Challenger Aero Air Corp.
  • Zhaoqing San Miguel Glass Co., Ltd.
  • SMC Global Power Corp.
  • Frabelle Food Corp.
  • San Miguel Yamamura Packaging Corp. Retirement Plan
  • San Miguel Equity Investments, Inc.
  • San Miguel Paper Packaging Corp.
  • Petron Oil (Malaysia) Sdn. Bhd.
  • San Miguel Consolidated Power Corp.
  • San Miguel Equity Securities, Inc.
  • San Miguel Foods & Beverage International Ltd.
  • Archen Technologies, Inc.
  • SMC Global Power Holdings Corp.
  • San Miguel Holdings Corp.
  • Thai San Miguel Liquor Co. Ltd.
  • San Miguel International Ltd.
  • SMC Shipping & Lighterage Corp.
  • San Miguel Yamamura Haiphong Glass Co., Ltd.
  • San Miguel Yamamura Glass (Vietnam) Ltd.
  • San Miguel (Guangdong) Ltd.
  • San Miguel (Vietnam) Ltd.
  • SMC Stock Transfer Service Corp.
  • San Miguel Yamamura Packaging Corp.
  • Sea Refinery Corp.
  • San Miguel Yamamura Asia Corp.
  • San Miguel Rengo Packaging Corp.


  • Universal Robina Corp.
  • LT Group, Inc.
  • Unilever PLC
  • Unilever NV
  • Nestle S.A.
  • Shanghai Maling Aquarius Co. Ltd. Class A
  • RFM Corp.
  • Century Pacific Food, Inc.
  • Tyson Foods, Inc. Class A
  • Aboitiz Equity Ventures Inc.
  • Cosco Capital, Inc.
  • Lopez Holdings Corporation
  • Beijing Yanjing Brewery Co., Ltd. Class A
  • Mondelez International, Inc. Class A
  • Ayala Land Inc.
  • PT Mayora Indah Tbk
  • Filinvest Land Incorporated
  • Anchor Land Holdings, Inc.
  • Diageo plc
  • Fonterra Co-operative Group Limited
  • Rockwell Land Corp.
  • Emperador Inc.
  • Robinsons Land Corp.
  • Saigon Beer Alcohol Beverage Corp.
  • Anheuser-Busch InBev SA/NV
  • China Resources Beer (Holdings) Co. Ltd.
  • Tsingtao Brewery Co., Ltd. Class H
  • GT Capital Holdings, Inc.
  • PT Multi Bintang Indonesia Tbk
  • Heineken NV
Last Updated on 24 Feb, 2020

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends January 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media