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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: 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 2019 PHPUSD
Gross Profit190,514M3,679.27M
Operating income115,715M2,234.72M
Income before tax76,982M1,486.70M
Net income21,329M411.91M
Diluted EPS5.930.11
Dividends Per Share1.400.02
Total Assets1,817.73B35,891.67M
Total liabilities1,243.26B24,548.58M
Total equity332,456M6,564.43M
Operating cash flow104,630M2,020.64M
Currency in PHPCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 672,243M 685,314M 826,086M 1,024.94B 1,020.50B
Gross Profit 132,533M 163,011M 174,525M 191,414M 190,514M
Operating income 80,549M 99,654M 111,237M 117,371M 115,715M
Income before tax 45,732M 57,272M 81,183M 73,116M 76,982M
Net income 12,365M 17,533M 28,225M 23,077M 21,329M
EBITDA 105,907M 130,835M 144,287M 155,650M 158,776M
Diluted EPS 2.53 4.05 8.77 6.61 5.93
Dividends Per Share 1.40 1.40 1.40 1.40 1.40
Total Assets 1,246.02B 1,306.82B 1,379.64B 1,676.64B 1,817.73B
Total liabilities 858,689M 867,616M 906,137M 1,162.24B 1,243.26B
Total equity 238,137M 279,942M 300,297M 337,745M 332,456M
Operating cash flow 69,673M 83,754M 84,846M 66,667M 104,630M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 14,763.87M 14,431.45M 16,385.83M 19,454.97M 19,708.27M
Gross Profit 2,910.70M 3,432.71M 3,461.79M 3,633.32M 3,679.27M
Operating income 1,769.02M 2,098.53M 2,206.44M 2,227.87M 2,234.72M
Income before tax 1,004.37M 1,206.04M 1,610.30M 1,387.85M 1,486.70M
Net income 271.56M 369.21M 559.85M 438.03M 411.91M
EBITDA 2,325.94M 2,755.14M 2,862.00M 2,954.47M 3,066.33M
Diluted EPS 0.05 0.08 0.17 0.12 0.11
Dividends Per Share 0.03 0.02 0.02 0.02 0.02
Total Assets 26,480.11M 26,287.63M 27,637.08M 31,884.41M 35,891.67M
Total liabilities 18,248.62M 17,452.67M 18,151.78M 22,102.23M 24,548.58M
Total equity 5,060.82M 5,631.21M 6,015.56M 6,422.83M 6,564.43M
Operating cash flow 1,530.16M 1,763.70M 1,682.96M 1,265.44M 2,020.64M

Valuation Measures

Dec 2019
Operating margin11.33%
Profit margin2.09%

Key executives

  • Vice Chairman, President & Chief Operating Officer: Ramon S. Ang
  • Chief Financial Officer & Treasurer: Ferdinand K. Constantino
  • Deputy Chief Finance Officer & Senior VP: Joseph N. Pineda
  • Director & Senior Vice President: Aurora T. Calderon
  • Chief Accounting Officer & Vice President: Bella O. Navarra


  • 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%)
  • Aviva Investors Global Services Ltd. (0.1%)
  • Estate Of Cojuangco Eduardo M Jr (0.1%)

Contact Details

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Last Updated on 25 Sep, 2020

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