SMIC’s profit climbed 9% to P18.1b in first semester

Conglomerate SM Investments Corp. said net income climbed 9 percent in the first half to P18.1 billion from P16.6 billion in the same period last year, boosted by the strong performance of its retail and property businesses.

SMIC said consolidated revenues grew 12 percent in the six-month period to P204.9 billion from P183.2 billion in the same period last year.

The property business contributed the most to consolidated net income at 45 percent. This was followed by banks with 33 percent, and retail with 22 percent.

“We are encouraged by the results of the first half, driven by the strong performance of retail and property, particularly the residential business. Our results show the strength of the economy and consumer sentiment but we remain vigilant about inflationary pressures. We are optimistic that consumption will remain resilient,” SMIC president Frederic DyBuncio said.

SM Retail reported a net income of P5.7 billion in the first six months of the year, up 10 percent from a year ago, as sales  grew 10 percent to P145 billion.

SM Retail’s food retail group opened nine mid-sized format Savemore stores, three SM Supermarkets, four WalterMart stores and 93 Alfamart stores in the first six months.

SM Retail’s specialty retail stores grew 17 percent to P37.3 billion, in part driven by expansion and new formats such as Miniso, which had 55 stores as of end-June.

SM Retail had a total of 2,149 stores, comprising 61 The SM Stores, 1,304 specialty stores, 55 SM Supermarkets, 49 SM Hypermarkets, 190 Savemore stores, 49 WalterMart stores and 441 Alfamart stores as of end-June.

SM Prime Holdings, the property unit, delivered a net income of P16.6 billion in the first half, up 16 percent year on year, on robust mall and real-estate revenues.

Banking units BDO Unibank Inc. and China Banking Corp. also posted first half profits of P13.1 billion and P3.6 billion, respectively.

Total assets of SMIC grew 8 percent to P985.9 billion as of end-June.

Aside from its core property, mall and banking business, SMIC also has investments in Belle Corp., Atlas Mining, the Net Buildings, CityMalls, MyTown, and 2Go Group Inc.

Topics: SM Investments Corp. , SMIC , net income
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