By Lenie Lectura
CONGLOMERATE San Miguel Corp. (SMC) could hit P1 trillion in revenue next year given the strong performance of its various business interests, particularly in the oil and power sectors.
“Full consolidation of other businesses, we might hit it next year. When we consolidate all our businesses, maybe we’ll hit it next year,” SMC President Ramon Ang said.
In 2014 SMC consolidated revenues stood at P782 billion. Its power arm, SMC Global Power Holdings, Corp., posted a 26-percent increase in operating income to P25.9 billion, while Petron Corp. recorded P3 billion in net income.
Ang said hitting an ambitious P1-trillion revenue is possible, especially if a new acquisition could happen soon.
“Mas madali ’yun kung maka-acquire tayo. Actually, may tinitignan akong malaking company na malapit ko ng makumbinsi at palagay ko madodoble yung size ng San Miguel all of a sudden…parang merger with one foreign company, which is a little bit bigger or about the size of San Miguel,” Ang said.
He did not reveal the company but Ang has been vocal in the past about another acquisition. Ang also said this company was the one that offered itself to SMC and not the other way around. “Ang laki ng kompanya, ang laki ng profit, ang cash flow niya around $3 billion.”
In the power sector, SMC Global Power is keen on putting up 3,000 megawatts (MW) of power generating capacity from the current aggregate capacity of 2,685 MW.
It is set to commercially operate its first 300-MW power plant in Davao and the second 300 MW by middle of next year.
There are plans to put up an additional 1,200 MW of capacity all over the country. Moreover, it’s 300-MW Limay facility will be switched on next year and another of the same capacity by 2017.