ArrowArtboardCreated with Sketch.Title ChevronCrossEye IconFacebook IconIcon FacebookGoogle Plus IconLayer 1InstagramCreated with Sketch.Linkedin IconIcon LinkedinShapeCreated with Sketch.Icon Mail ContactPath LayerIcon MailMenu BurgerIcon Opinion QuotePositive ArrowIcon PrintRSS IconIcon SearchSite TitleTitle ChevronTwitter IconIcon TwitterYoutube Icon
Consumer Non-Durables

San Miguel Corp.

  • 140.90 PHP
  • 0.00
  • 0.00%
  • Philippines
    Apr 20, 2018
  • Ticker
  • Prev. close
  • Market cap (PHP)
  • Market cap (USD)
  • Shares

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. manufactures and sells beverage, food and packaging products. The company operates its business through the following segments: Beverages, Food, Packaging, Energy, Fuel & Oil, and Infrastructure. The Beverages segment produces and markets alcoholic and non-alcoholic beverages. The Food segment includes feeds production; poultry and livestock farming; and processing and selling of poultry and meat products. This segment also manufactures and markets flour, flour mixes & bakery ingredients, butter, margarine, cheese, milk, ice cream, jelly snacks & desserts, specialty oils, salad aids, and snacks & condiments. The Packaging segment produces and markets packaging products, such as glass containers, glass molds, polyethylene terephthalate bottles, plastic closures, corrugated cartons, woven polypropylene, paperboard and pallets. This segment also manufactures and markets plastic crates, plastic floorings, plastic films, plastic trays, plastic pails & tubs, metal closures and two-piece aluminum cans, woven products, industrial laminates and radiant barriers. The Energy segment sells, retails and distributes power through power supply agreements, retail supply agreements, and concession agreements. The Fuel & Oil segment is engaged in refining and marketing of petroleum products. The Infrastructure segment engages in the business of construction and development of infrastructure projects, such as airports, roads, highways, toll roads, freeways, skyways, flyovers, viaducts and interchanges. The company was founded in 1890 and is headquartered in Mandaluyong, Philippines.

Financial Highlights

Dec 2017 PHPUSD
Gross Profit174,525M3,461.79M
Operating income111,042M2,202.57M
Income before tax81,183M1,610.30M
Net income28,225M559.85M
Diluted EPS8.770.17
Dividends Per Share1.400.02
Total Assets1,379.64B27,637.08M
Total liabilities906,137M18,151.78M
Total equity300,297M6,015.56M
Operating cash flow84,846M1,682.96M
Currency in PHPCurrency in USD

Historical Data

 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 747,720M 773,723M 672,243M 685,314M 826,086M
Gross Profit 108,815M 105,270M 132,533M 163,011M 174,525M
Operating income 55,073M 55,775M 80,549M 99,654M 111,042M
Income before tax 55,395M 37,161M 45,732M 57,272M 81,183M
Net income 38,053M 15,137M 12,365M 17,533M 28,225M
EBITDA 76,461M 78,856M 105,907M 130,835M 144,092M
Diluted EPS 13.36 3.78 2.53 4.05 8.77
Dividends Per Share 1.40 1.40 1.40 1.40 1.40
Total Assets 1,170.08B 1,217.48B 1,246.02B 1,306.82B 1,379.64B
Total liabilities 804,237M 827,498M 858,689M 867,616M 906,137M
Total equity 237,707M 240,900M 238,137M 279,942M 300,297M
Operating cash flow 68,067M 42,918M 69,673M 83,754M 84,846M
 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 17,605.99M 17,430.66M 14,763.87M 14,431.45M 16,385.83M
Gross Profit 2,562.18M 2,371.55M 2,910.70M 3,432.71M 3,461.79M
Operating income 1,296.76M 1,256.51M 1,769.02M 2,098.53M 2,202.57M
Income before tax 1,304.34M 837.17M 1,004.37M 1,206.04M 1,610.30M
Net income 896.00M 341.01M 271.56M 369.21M 559.85M
EBITDA 1,800.36M 1,776.49M 2,325.94M 2,755.14M 2,858.13M
Diluted EPS 0.31 0.08 0.05 0.08 0.17
Dividends Per Share 0.03 0.03 0.03 0.02 0.02
Total Assets 26,363.70M 27,217.10M 26,480.11M 26,287.63M 27,637.08M
Total liabilities 18,120.58M 18,498.80M 18,248.62M 17,452.67M 18,151.78M
Total equity 5,355.87M 5,385.34M 5,060.82M 5,631.21M 6,015.56M
Operating cash flow 1,602.72M 966.86M 1,530.16M 1,763.70M 1,682.96M

Valuation Measures

Dec 2017
Operating margin13.44%
Profit margin3.41%

Key executives

  • Chairman & Chief Executive Officer: Eduardo M. Cojuangco
  • Vice Chairman, President & Chief Operating Officer: Ramon S. Ang
  • CFO, Treasurer, Director & Senior Vice President: 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%)
  • San Miguel Corp. Retirement Plan (0.8%)
  • Dimensional Fund Advisors LP (0.5%)
  • Millennium Energy, Inc. (0.4%)
  • SY HENRY SR (0.1%)
  • Canada Pension Plan Investment Board (0.0%)
  • Parametric Portfolio Associates LLC (0.0%)

Contact Details

Related Companies

  • 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.
  • 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.
  • 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.
  • Star Dari, Inc.
  • Philippine Beverage Partners, Inc.
  • San Miguel Beverages, Inc.
  • SMITS, Inc.
  • Shipping & Lighterage Corp.
  • Monterey Foods Corp.
  • Anchor Insurance Brokerage Corp.
  • San Miguel Packing International Ltd.


  • Universal Robina Corp.
  • Asahi Group Holdings,Ltd.
  • RFM Corp.
  • LT Group, Inc.
  • Charoen Pokphand Foods Public Co. Ltd.
  • Unilever NV Cert. of shs
  • Unilever PLC
  • Marubeni Corporation
  • Century Pacific Food, Inc.
  • J. M. Smucker Company
  • Nestle S.A.
  • Aboitiz Equity Ventures Inc.
  • Coca-Cola FEMSA SAB de CV Class L
  • Mondelez International, Inc. Class A
  • Sumitomo Corporation
  • Beijing Yanjing Brewery Co., Ltd. Class A
  • Lopez Holdings Corporation
  • Pepsi Cola Products Philippines, Inc.
  • Diageo plc
  • Carlsberg A/S Class B
  • Ayala Land Inc.
  • GT Capital Holdings, Inc.
  • Tokyo Electric Power Company Holdings, Incorporated
  • Vista Land & Lifescapes, Inc.
  • Korea Electric Power Corporation
  • Megaworld Corp.
  • Rockwell Land Corp.
  • Anheuser-Busch InBev SA/NV
  • Robinsons Land Corp.
  • Filinvest Development Corporation
Last Updated on 20 Apr, 2018

You have {{numberReadArticles}} FREE ARTICLE{{numberReadArticles-plural}} left this month

Subscribe to get unlimited access to all articles.

Get unlimited access
NAR site on phone, device, tablet

You have {{numberReadArticles}} FREE ARTICLE{{numberReadArticles-plural}} left this month

Subscribe to get unlimited access to all articles.

3 months for $9

Get unlimited access
NAR site on phone, device, tablet

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