SM Investments Corp. (SMIC) said Wednesday its consolidated net income reached P55.9 billion in the first three quarters of 2023, up 30 percent from P42.9 billion in the same period last year on strong contribution from core businesses.
Nine-month consolidated revenues increased 15 percent to P440.4 billion from P382 billion a year ago, the company said in a disclosure to the stock exchange.
“Our ongoing healthy growth reflects buoyant consumer activity in malls and sustained spending in discretionary retail categories,” SM Investments president and chief executive Frederic DyBuncio said.
“We look forward to the fourth quarter, while continuing to monitor the impact of food prices and interest rates on consumer wallets,” he said.a
The company said of the total net earnings, banking accounted for the largest share at 47 percent, while property contributed 26 percent. Retail added 18 percent, while portfolio investments delivered 9 percent.
SM Retail, the retail subsidiary of SMIC, reported a net income of P13.7 billion, up by 19 percent year-on-year as revenues rose 12 percent to P290.6 billion.
Same-store sales for the department store and specialty retail businesses grew 18 percent and 9 percent respectively, reflective of strong consumer spending in key categories, while store expansion also buoyed growth.
Food retail performance remained positive, supported by volume growth and expansion.
Banking unit BDO Unibank Inc. (BDO) reported higher net income of P53.9 billion in the first three quarters of the year, compared to P40 billion in the same period last year backed by broad-based growth across its core businesses.
Property arm SM Prime Holdings Inc. chalked up a net income of P30.1 billion in the first nine months, up 37 percent from P22 billion in the same period last year on higher leasing and residential sales.
SMIC said its portfolio investments continued to sustain growth, contributing 9 percent to the group’s consolidated net income.
The group’s portfolio investments are in integrated resorts through Belle Corp., in copper mining through Atlas Consolidated Mining and Development Corp., in community mall chain CityMall and office towers under the NEO and Philippine Geothermal Production Company Inc.
