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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: 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 2020 PHPUSD
Gross Profit137,812M2,778.43M
Operating income71,476M1,441.03M
Income before tax36,993M745.81M
Net income2,973M59.93M
Diluted EPS-1.66-0.03
Dividends Per Share1.400.02
Total Assets1,912.20B39,818.15M
Total liabilities1,285.22B26,762.39M
Total equity326,693M6,802.77M
Operating cash flow58,600M1,181.43M
Currency in PHPCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 685,314M 826,086M 1,024.94B 1,020.50B 725,797M
Gross Profit 163,011M 174,525M 191,414M 190,514M 137,812M
Operating income 99,654M 111,237M 117,371M 115,715M 71,476M
Income before tax 57,272M 81,183M 73,116M 76,982M 36,993M
Net income 17,533M 28,225M 23,077M 21,329M 2,973M
EBITDA 130,835M 144,287M 155,650M 158,776M 112,820M
Diluted EPS 4.05 8.77 6.61 5.93 -1.66
Dividends Per Share 1.40 1.40 1.40 1.40 1.40
Total Assets 1,306.82B 1,379.64B 1,676.64B 1,817.73B 1,912.20B
Total liabilities 867,616M 906,137M 1,162.24B 1,243.26B 1,285.22B
Total equity 279,942M 300,297M 337,745M 332,456M 326,693M
Operating cash flow 83,754M 84,846M 66,667M 104,630M 58,600M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 14,431.45M 16,385.83M 19,454.97M 19,708.27M 14,632.85M
Gross Profit 3,432.71M 3,461.79M 3,633.32M 3,679.27M 2,778.43M
Operating income 2,098.53M 2,206.44M 2,227.87M 2,234.72M 1,441.03M
Income before tax 1,206.04M 1,610.30M 1,387.85M 1,486.70M 745.81M
Net income 369.21M 559.85M 438.03M 411.91M 59.93M
EBITDA 2,755.14M 2,862.00M 2,954.47M 3,066.33M 2,274.57M
Diluted EPS 0.08 0.17 0.12 0.11 -0.03
Dividends Per Share 0.02 0.02 0.02 0.02 0.02
Total Assets 26,287.63M 27,637.08M 31,884.41M 35,891.67M 39,818.15M
Total liabilities 17,452.67M 18,151.78M 22,102.23M 24,548.58M 26,762.39M
Total equity 5,631.21M 6,015.56M 6,422.83M 6,564.43M 6,802.77M
Operating cash flow 1,763.70M 1,682.96M 1,265.44M 2,020.64M 1,181.43M

Valuation Measures

Dec 2020
Operating margin9.84%
Profit margin0.40%

Key executives

  • Vice Chairman, President & Chief Operating Officer: Ramon S. Ang
  • Chief Financial Officer & Head-Information Officer: 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


  • Top Frontier Investment Holdings, Inc. (66.1%)
  • ANG RAMON S (15.5%)
  • Government of the Philippines (1.1%)
  • Dimensional Fund Advisors LP (0.4%)
  • Millennium Energy, Inc. (0.4%)
  • The Vanguard Group, Inc. (0.3%)
  • Estate Of Sy Henry Sr (0.1%)
  • Estate Of Cojuangco Eduardo M Jr (0.1%)
  • Charles Schwab Investment Management, Inc. (0.0%)
  • West Yorkshire Pension Fund (0.0%)

Contact Details

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Last Updated on 16 Sep, 2021

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