SMIC income climb 27% in H1

Conglomerate SM Investments Corp. reported a net income of P25.5 billion in the first half of the year, up 27 percent.

The Sy-led holding company raked in P238.5 billion in consolidated revenues during the period, 23 percent higher year on year.

SMIC president and CEO Frederic DyBuncio said the return of crowds in malls and strengthening consumer spending across all categories boosted the company’s strong performance.

“Despite rising inflation, we are encouraged to see shoppers’ robust spending in the first half. This is a bright spot in the Philippines and in the region amid global headwinds,” DyBuncio said.

SMIC’s businesses includes banking, property and retail. Banks accounted for 48 percent of net earnings, followed by property at 26 percent, retail at 20 percent and portfolio investments at six percent.

SM Retail reported an 18 percent increase in revenues to P163.7 billion, boosted by higher foot traffic in retail stores and malls, as well as renewed vigor in shopping.

Retail net income was higher by 91 percent to P7 billion from P3.6 billion a year ago.

SM Prime Holdings reported a 21 percent hike in consolidated net income to P14.1 billion, supported by a 13 percent increase in consolidated revenues to P46.3 billion.

BDO Unibank Inc. delivered P23.9 billion in net income, up 12 percent on strong results across its core businesses, while China Banking Corp. posted P10.1 billion in net income, up 39 percent compared to the same period last year, driven mainly by higher net interest income and core fee income, as well as lower provisions.

SMIC’s portfolio companies in the different industries delivered growth in the first half as these benefited from the reopening of the economy.

Its total assets stood at P1.4 trillion.