SUMMARY
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MANILA, Philippines – San Miguel Corp (SMC) expects its revenues to reach $50 billion by 2018 as it plans to acquire new businesses and expand existing ones.
“In the next 5 years, we are expecting our revenue growth to reach $50 billion through new acquisitions and expansion of existing business,” SMC and Philippine Airlines (PAL) president Ramon Ang said on the sidelines of the PAL Holdings Inc’s special stockholders meeting on Friday, March 15.
(Editor’s note: We earlier erroneously reported that Ang referred to Philippine Airlines when he spoke about these prospective revenues. We regret the error.)
The target is nearly 3 times what SMC made in 2011, when it ended the year with $17.5 billion in revenues.
Ang initially set a $20 billion revenue target for 2015 but said that by the end of 2012 the conglomerate had already achieved its goal. SMC’s full-year 2012 results have yet to be disclosed but between January and September the conglomerate booked P509.2 billion in net sales, up 29% from the same period in 2011.
“Before, we set a target of $10 billion and people said, ‘That’s unbelievable!’ But we were able to achieve that. It happened. So that’s why our target this year, we increased it. From $20 billion today, we are hoping to reach $50 billion revenue in the next 5 years,” Ang said. – Rappler.com
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