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: Food and Beverage; Packaging; Energy; Fuel and Oil; Infrastructure; and Cement, Real Estate and Others. The Food and Beverage segment consists of branded value-added refrigerated processed meats and canned meat products, manufacturing and marketing of butter, margarine, cheese, milk, ice cream, jelly-based snacks and desserts, specialty oils, salad aids, snacks and condiments, marketing of flour mixes and the importation and marketing of coffee and coffee related products; production and sale of feeds; poultry and livestock farming, processing and selling of poultry and fresh meats; and milling, production and marketing of flour and bakery ingredients. 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 2022	PHP	USD
Revenue	1,506.59B	27,633.15M
Gross Profit	207,109M	3,798.69M
Operating income	134,533M	2,467.53M
Income before tax	38,880M	713.11M
Net income	-15,125M	-277.41M
EBITDA	183,775M	3,370.71M
Diluted EPS	-8.14	-0.14
Dividends Per Share	1.40	0.02
Total Assets	2,391.82B	42,920.00M
Total liabilities	1,776.84B	31,884.45M
Total equity	260,582M	4,676.00M
Operating cash flow	-3,968M	-72.77M
	Currency in PHP	Currency in USD

Historical Data

PHP | USD

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022
Revenue	1,024.94B	1,020.50B	725,797M	941,193M	1,506.59B
Gross Profit	191,414M	190,514M	137,812M	184,643M	207,109M
Operating income	117,371M	115,715M	71,476M	117,152M	134,533M
Income before tax	73,116M	76,982M	36,993M	64,912M	38,880M
Net income	23,077M	21,329M	2,973M	11,921M	-15,125M
EBITDA	155,650M	158,776M	112,820M	161,200M	183,775M
Diluted EPS	6.61	5.93	-1.66	2.48	-8.14
Dividends Per Share	1.40	1.40	1.40	1.40	1.40
Total Assets	1,676.64B	1,817.73B	1,912.20B	2,051.65B	2,391.82B
Total liabilities	1,162.24B	1,243.26B	1,285.22B	1,398.52B	1,776.84B
Total equity	337,745M	332,456M	326,693M	298,459M	260,582M
Operating cash flow	66,667M	104,630M	58,600M	56,125M	-3,968M

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022
Revenue	19,454.97M	19,708.27M	14,632.85M	19,093.21M	27,633.15M
Gross Profit	3,633.32M	3,679.27M	2,778.43M	3,745.70M	3,798.69M
Operating income	2,227.87M	2,234.72M	1,441.03M	2,376.56M	2,467.53M
Income before tax	1,387.85M	1,486.70M	745.81M	1,316.81M	713.11M
Net income	438.03M	411.91M	59.93M	241.83M	-277.41M
EBITDA	2,954.47M	3,066.33M	2,274.57M	3,270.13M	3,370.71M
Diluted EPS	0.12	0.11	-0.03	0.05	-0.14
Dividends Per Share	0.02	0.02	0.02	0.02	0.02
Total Assets	31,884.41M	35,891.67M	39,818.15M	40,234.40M	42,920.00M
Total liabilities	22,102.23M	24,548.58M	26,762.39M	27,426.13M	31,884.45M
Total equity	6,422.83M	6,564.43M	6,802.77M	5,852.99M	4,676.00M
Operating cash flow	1,265.44M	2,020.64M	1,181.43M	1,138.56M	-72.77M

Valuation Measures

Dec 2022
PER	--
ROA	-0.68%
ROE	-5.41%
Operating margin	8.92%
Profit margin	-1.00%

Key executives

Vice Chairman, President & Chief Executive Officer: Ramon S. Ang
Chief Financial Officer & Treasurer: Ferdinand K. Constantino
Secretary, Compliance Officer & General Counsel: Virgilio S. Jacinto
Senior Vice President & Head-Treasury: Joseph N. Pineda
Director & Senior Vice President: Aurora T. Calderon

Shareholders

Top Frontier Investment Holdings, Inc. (61.9%)
ANG RAMON S (15.7%)
Government of the Philippines (1.1%)
Petron Corp. (0.5%)
Dimensional Fund Advisors LP (0.4%)
Millennium Energy, Inc. (0.4%)
The Vanguard Group, Inc. (0.4%)
Estate Of Sy Henry Sr (0.1%)
Estate Of Cojuangco Eduardo M Jr (0.1%)
Charles Schwab Investment Management, Inc. (0.0%)

Contact Details

Website:http://www.sanmiguel.com.ph
Phone: +63.2.632.3000

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Last Updated on 9 Jun, 2023