{"url":"https://newsforagent.com/news/2026-11-13/san-miguel-nine-month-profit-drop","markdown_url":"https://newsforagent.com/news/2026-11-13/san-miguel-nine-month-profit-drop.md","title":"San Miguel Profit Falls 40% to P47.3 Billion","headline":"San Miguel Net Income Drops 40% to P47.3 Billion on Forex Losses and High Base","description":"San Miguel's nine-month net income fell 40% to P47.3 billion on unrealized foreign exchange losses, while revenues rose 34% to P1.5 trillion.","section":"Earnings & Results","published_at":"2026-11-13T16:14:13+00:00","modified_at":"2026-11-13T16:14:13+00:00","author":"News Desk","key_takeaways":["San Miguel's net income fell 40% to P47.3 billion in the first nine months of 2026.","Consolidated revenues rose 34% to P1.5 trillion, and operating income grew 3% to P141.8 billion.","Petron's net income fell 44% to P5.4 billion as Dubai crude averaged $92 a barrel, up 29%.","San Miguel Global Power's operating income climbed 53% to P53.4 billion."],"companies":[{"name":"San Miguel","is_primary":true,"profile_url":"https://akta.pro/company-profiles/0004vma/san-miguel","website":"http://www.sanmiguel.com.ph"},{"name":"San Miguel Food and Beverage","is_primary":false,"profile_url":"https://akta.pro/company-profiles/000vja6/san-miguel-food-and-beverage","website":"https://smfb.com.ph"},{"name":"SMC Infrastructures","is_primary":false,"profile_url":"https://akta.pro/company-profiles/002vcl7/smc-infrastructures","website":"https://www.smcinfra.com"}],"source":{"publisher":"Inquirer","title":"San Miguel 9-month profit drops 40% to P47.3B","url":"https://business.inquirer.net/620845/san-miguel-9-month-profit-drops-40-to-p47-3b"},"other_sources":[],"tags":["Earnings & Results","San Miguel","San Miguel Food and Beverage","SMC Infrastructures"],"body_markdown":"[San Miguel](https://akta.pro/company-profiles/0004vma/san-miguel) Corp. reported a 40-percent drop in net income to P47.3 billion for the first nine months of 2026, weighed down by unrealized foreign exchange losses and a high year-earlier base. The [Inquirer](https://business.inquirer.net/620845/san-miguel-9-month-profit-drops-40-to-p47-3b) reported the results on November 13, 2026.\n\n## San Miguel's Revenue Growth and Segment Results\n\nSan Miguel is the Philippines' largest diversified conglomerate, founded in 1890 and operating across food and beverages, packaging, fuel and oil, power, infrastructure, cement, and properties. The company said its 2025 results included a one-time gain from the Chromite transaction. Excluding that gain and other non-core items, core income was flat year on year as higher costs and interest expenses weighed on earnings.\n\nConsolidated revenues rose 34 percent to P1.5 trillion, buoyed by the fuel and oil, power, food and infrastructure businesses. Operating income grew 3 percent to P141.8 billion as gains in power helped offset declines across several businesses, and earnings before interest, taxes, depreciation and amortization rose 7 percent to P208.5 billion.\n\n\"The operating environment remained challenging across many sectors during the period,\" said [SMC](https://akta.pro/company-profiles/002vcl7/smc-infrastructures) chair and CEO Ramon S. Ang. \"While market conditions affected our businesses to varying degrees, our diversified portfolio helped provide stability across the Group.\"\n\nPetron Corp.'s net income fell 44 percent to P5.4 billion even as revenues surged 56 percent to P928.2 billion, with higher crude costs, import premiums and freight rates squeezing profitability. Dubai crude averaged $92 a barrel, up 29 percent from a year earlier. San Miguel Global Power's operating income climbed 53 percent to P53.4 billion, helped by cost recoveries and contributions from power supply agreements, and kept net income roughly flat at P42.6 billion.\n\n[San Miguel Food and Beverage](https://akta.pro/company-profiles/000vja6/san-miguel-food-and-beverage) Inc.'s profit fell 9 percent to P30.6 billion as higher commodity costs and brand spending weighed on earnings, while sales rose 2 percent to P309.6 billion. San Miguel Brewery's net income dropped 14 percent to P16.1 billion, Ginebra San Miguel's profit rose 3 percent to P6.5 billion, and SMC Infrastructure's net income rose 35 percent to P14.5 billion. Profit from the cement business fell 22 percent to P2 billion.\n\n## San Miguel's Airport and Credit Facilities\n\nAccording to akta.pro [company records](https://akta.pro/company-data), San Miguel is building the New Manila International Airport in Bulacan, a 2,500-hectare Aerocity complex with planned 100-million-passenger annual capacity and four parallel runways, with the first phase expected before the end of 2028. The same records show a 15-year, $3 billion concession awarded in March 2024 to the SMC-SAP Consortium to rehabilitate, operate and maintain Ninoy Aquino International Airport, with a commitment to share 82 percent of future gross revenue with the Philippine government.\n\n## San Miguel's Earlier 2026 Results\n\nThe Inquirer reported in August 2026 that San Miguel's first-half net income fell 44 percent to P37.67 billion, driven by foreign exchange losses and the absence of a one-time gain recorded in the previous year. [AInvest](https://akta.pro/news-signals) reported that second-quarter net income was 3.53 billion pesos, a 67 percent decline from the same period a year earlier.\n\n## San Miguel's Meralco Stake Sale\n\nBusinessWorld Online reported in October 2026 that Manuel V. Pangilinan signed an agreement to acquire 3.77 million Meralco shares from San Miguel Global Power Holdings Corp. at P580.99 each, worth P2.189 billion.\n","publisher":{"name":"News for Agent","url":"https://newsforagent.com"}}