MANILA, Philippines – San Miguel Corporation (SMC) plans to build an industrial estate in Mandaue City in Cebu, an important move to support the conglomerate's expansion in key regions nationwide.
SMC said in a statement on Thursday, September 7, that the project will be jointly undertaken with the city council of Mandaue.
The diversified conglomerate said it would house a processed foods plant, feed mill, and other manufacturing facilities. The industrial estate will also have its own port terminal.
"We look forward to growing our presence in Mandaue City. This major development is an important part of San Miguel's current expansion in key regions nationwide," SMC president and chief operating officer Ramon Ang said.
"Our aim is to support and accelerate our country’s economic development by investing in strategic and emerging growth areas. With this investment, we hope to help accelerate the city’s and the region’s overall growth and bring more jobs to our countrymen here," he added.
Mandaue City Mayor Luigi Quisumbing and the city council said they welcome the interest from SMC to invest in their city. (READ: Meet Ramon Ang, Filipino billionaire and Duterte's friend)
"It's a strong validation of Mandaue City's status as a premier investment destination not just in Cebu and the Visayas, but the entire country," Quisumbing said.
San Miguel disclosed to the Philippine Stock Exchange (PSE) P26.1 billion in net income for the 1st 6 months of 2017, down 26% from the P35.3 billion recorded in the same period in 2016, due to foreign exchange effects and a one-time gain from the sale of its telecommunications assets in 2016.
Without the two factors, San Miguel's recurring net income went up by 21% to P27.6 billion from P22.83 billion a year ago.
Its net sales for the first half of 2017 jumped 20% to P393.4 billion, from P329.1 billion in the same period in 2016.
Ang earlier announced the company's plan to venture into electronics manufacturing and clean energy. He described electronics manufacturing as a business that could deliver high margins. – Rappler.com