SM Investments H1 net income rises 6% to PHP42.6 billion
Consolidated revenues for the January to June period rose 6% to PHP319.2 billion, up from PHP301.4 billion in the first half of 2024.
'We continue to see steady growth across our core businesses, supported by favorable macroeconomic conditions in the Philippines,' said Frederic C. DyBuncio, President and Chief Executive Officer of SM Investments Corporation. 'Bank lending remains strong, and consumer spending in our malls and retail stores continues to rise. 'The Philippine economy was steady at 5.4% growth in the first quarter, while inflation has eased to its lowest level since 2019, creating a more supportive environment for both corporates and consumers. Despite global trade uncertainties, overall sentiment remains positive, and we share that optimism for the remainder of the year.'
Banking accounted for 50% of reported net earnings, followed by property at 28%, retail at 15% and portfolio investments at 7%.
Retail
SM Retail net income grew 10% to PHP8.4 billion from PHP7.6 billion in the same period last year. Revenues were up 8% to PHP211.8 billion from PHP196.3 billion.
In non-food retail, revenues of the department store grew by 11%, marked by a shift in the school opening to the second quarter.
Revenues for specialty retail grew 5%, fueled by spending on stationery or back-to-school items, fashion as well as health and beauty categories.
Food retail revenues increased 8% to PHP127.1 billion due to store expansion and volume growth.
Banking
BDO Unibank, Inc. reported net income increased to PHP40.6 billion, up 3% from PHP39.4 billion in the same period last year supported by strong performance from its core businesses.
China Banking Corporation posted PHP13.0 billion in net income, up 14% on the back of strong core business growth. Net interest income increased by 15% to PHP34.9 billion on higher asset yields and loan volume.
Property
SM Prime Holdings, Inc. (SM Prime) reported first-half net income rose 11% growth to an all-time high of PHP24.5 billion, driven by higher rental income, real estate sales and ancillary revenues.
Portfolio Investments
In the first half, the portfolio investments' performance was driven by Philippine Geothermal Production Company which contributed 35% of total portfolio income, followed by NEO with 30% and 2GO with 16%.
Balance Sheet
Total assets of SM Investments stood at PHP1.7 trillion, up 2%. Gearing ratio remained conservative at 32% net debt to 68% equity.
About SM Investments Corporation
SM Investments Corporation is one of the leading Philippine companies that is invested in market-leading businesses in retail, banking, and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy.
SM's retail operations are the country's largest and most diversified, consisting of grocery stores, department stores and specialty retail stores. SM's property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels, and convention centers as well as tourism-related property developments. SM's interests in banking are in BDO Unibank, Inc., the country's largest bank, and China Banking Corporation, the fourth largest private domestic bank.
For more information, please visit www.sminvestments.com
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