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SMC expects to sustain recovery this year

SMC CFO Ferdinand K. Constantino/(pressreader.com)

San Miguel Corporation is confident of sustaining its recovery this year after its pandemic strategy led to the reversal of losses in the first half of 2020 to respectable gains in the second semester.

During the firm’s annual stockholders’ meeting, SMC Chief Finance Officer Ferdinand K. Constantino said that, “More than a year since the COVID-19 pandemic disrupted our lives, San Miguel Corporation’s recovery is gaining pace, reflecting our efforts to help better our country, in this new reality we live in.”

He added that, “We are committed to sustaining our momentum and further strengthening our recovery for the rest of the year.”

SMC’s strategy to recover and bounce forward included limiting capital expenditures to key investments, implementation of cost-saving initiatives across all its businesses, and the tapping of nw selling channels and improved distribution.

“We quickly developed new ways to adapt to rapid changes in the business environment, harnessing and leveraging on synergies between our businesses,” said Constantino.

He noted that, “These efforts supported our recovery, as evidenced by our strong and sustained quarter-on-quarter results in the second half of the year.” SMC reversed a net loss of P4 billion in the first half, and posted a net income of P25.87 billion in the second half–seven times better than the first half, and 15 percent higher than in the same period of 2019.

“Our recovery continued through the first quarter of this year, with Petron, San Miguel Foods, GSMI, and SMC Global Power sustaining their growth,” said Constantino.

Meanwhile, SMC President Ramon S. Ang said the company is inviting a foreign institution to put up a university campus in its international airport project in Bulacan.

“We are planning to invite an international school to put up a university campus in the Bulacan airport. So far, it’s very positive and we will definitely put up (a medical facility) either with an American international school or Singaporean,” he said.

Amid the pandemic, Ang said “I am proud to say that in our country’s time of great need, San Miguel did not hesitate to put society’s needs over profits.”

“We focused our resources and actions to help our employees and hard-hit communities get through this crisis. We have spent over P14 billion in various relief and recovery initiatives – from making food available to poor communities, supporting hospitals and medical frontliners, to helping boost government funds to address the social and economic impact of the pandemic,” he noted.

Ang said SMC is also spending at least P1 billion for a nationwide vaccination program for its 70,000 employees and their families as well as business partners because, “We know that for a true and lasting recovery for our country, we have to do our part to help end the pandemic.”

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Credit belongs to : www.mb.com.ph

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