Conglomerate SM Investments Corp. (SMIC) of the Sy family posted a net income of P40.2 billion in the first half of 2024, up by 10 percent from P36.5 billion in the same period last year.
Consolidated revenues rose 5 percent in the first half to P301.4 billion from P286.7 billion a year ago, SMIC said in a disclosure to the stock exchange Wednesday.
SMIC said second-quarter income rose 13 percent to P21.8 billion as revenues increased 6 percent to P157.7 billion.
“SM’s double-digit growth in the first half results reflects a positive environment for our businesses. Improved discretionary spending in the second quarter lifted retail sales, while our banks, property and portfolio investments continued to deliver. We remain cautiously optimistic for the balance of the year,” said SMIC president and chief executive Frederic Dy Buncio.
Banking accounted for the largest share of total net earnings at 50 percent followed by property, which contributed 27 percent. Retail accounted for 14 percent and portfolio investments’ share was at 9 percent.
Net income of SM Retail stood at P7.6 billion in the first half, down 9.5 percent from P8.4 billion last year, due to a high base effect from the impact of the lifting of mobility restrictions on consumption in 2023.
Revenues grew 4 percent in the first half to P196.9 billion from P188.5 billion a year earlier.
Retail revenues in the second quarter climbed 6 percent, while net income inched up by 2 percent, indicative of spending on discretionary items such as appliances, beauty and fashion.
Property unit SM Prime Holdings Inc. booked consolidated net income of P22.1 billion in the first half of the year, up 13 percent from a year ago, as consolidated revenues grew 8 percent to P64.7 billion.
BDO Unibank Inc. (BDO) posted net earnings of P39.4 billion in the first half, or 12 percent higher year-on-year, on stronger momentum of its core intermediation and fee-based service businesses.
China Banking Corp.’s net income rose to a record P11.4 billion, up 6 percent compared to the same period last year on the back of stronger core lending and deposit-taking activities.
SMIC’s Philippine Geothermal Production Co., Inc. recently embarked on the exploration and development of new geothermal energy sources in various parts of Luzon that will help bolster power security for that region and advance the country’s renewable energy objectives.
Logistics-arm 2GO Group Inc. launched new passenger vessels, 2GO M/V Masigla and 2GO M/V Masikap in the second quarter, which will sail from Manila to ports in the Visayas and Mindanao.
