Philippines-based San Miguel Corp (SMC), which owns Eagle Cement Corp, Northern Cement Corp and Southern Concrete Industries, has recorded net income of PHP31.2bn (US$556.7m) in the first nine months of 2023, up 141 per cent from the PHP12.9bn seen in the same period a year earlier.
Consolidated revenue over the same timeframe declined five per cent to PHP1.1trn, reports Manila Bulletin, while consolidated operating income expanded 29 per cent YoY to PHP110.2bn, aided by a stronger cement business, along with improvements in SMC’s fuel and oil, beverage, packaging and infrastructure segments.
EBITDA in the 9M23 advanced 22 per cent YoY to PHP154.2bn.
