San Miguel gets another ‘life’

MANILA, Philippines – Diversifying conglomerate San Miguel Corp. obtained another 50-year corporate life.

In a disclosure to the stock exchange on Monday, March 26, San Miguel said the Securities and Exchange Commission extended its corporate lifetime (through a Certificate of Incorporation) from August 21, 2013.

San Miguel was incorporated in 1893 as La Fabrica de Cerveza de San Miguel, the first brewery in Southeast Asia, with an initial capital of P180,000.

It has since grown into one of the Philippines’ biggest conglomerates and Asia’s largest food and beverage company until it decided to diversify away from these traditional businesses in 2007 and into high-growth industries of power, infrastructure, oil retailing, telecommunications and mining.

From January to September 2011, San Miguel’s net income fell 6% year-on-year to P11.9 billion in the absence of a one-time gain from the consolidation of its power generation interests in to Global Power Holdings Corp.

Excluding one-time gains, recurring net income grew 41% to P11.59 billion from P8.21 billion.

Significant contributions from its oil refining and power businesses as well as steady growth in its traditional food and beverage businesses fueled the 143% surge in consolidated revenues to P393.44 billion from P161.82 billion. – Rappler.com