SM Investments Corp. (SMIC) said Wednesday its consolidated net income grew 9 percent in the first nine months of 2024 to P60.9 billion from P55.9 billion in the same period last year.
Consolidated revenues also rose 5 percent to P462.5 billion from P440.4 billion, SMIC said in a stock exchange filing.
“We continued to see good growth across our businesses in the third quarter, particularly in banking. With inflation easing, we remain positive. An improving macroeconomic environment should help both our businesses and consumers moving forward,” said SMIC president and chief executive Frederic DyBuncio.
The group’s banking business accounted for the largest share of total net income at 50 percent, while property accounted for 27 percent, retail by 15 percent and portfolio investments, 8 percent.
SM Retail reported a net income of P12.8 billion, down 6.5 percent from P13.7 billion a year earlier, as department store business saw normalization of margins,
Retail revenues rose 4 percent to P301.8 billion from P289.9 billion as food retail registered a 7-percent growth in sales.
SMIC’s retail operations are the country’s largest and most diversified, consisting of grocery stores, department stores and specialty retail stores.
Banking units BDO Unibank, Inc and China Banking Corp. posted record earnings in the nine-month period on sustained strong growth of core businesses.
SM Prime Holdings Inc. booked a 12-percent growth in consolidated net income to P33.9 billion as consolidated revenues increased 8 percent to P99.8 billion.
Portfolio investments sustained their positive contribution to consolidated net income. 2GO Group Inc.’s revenues grew 14 percent, driven by increased travels and growing tourism industry.
Atlas Consolidated Mining and Development Corp. increased revenues by 7 percent on higher copper and gold prices.
The share price of SMIC declined1.85 percent Wednesday to close at P900.
