SMIC profits jump 27% to P25.5 B

Published August 3, 2022, 2:36 PM

by James A. Loyola

SM Investments Corporation (SMIC) reported a 27 percent jump in consolidated net income to P25.5 billion in the first half of 2022 from the P20.1 billion it earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues rose 23 percent to P238.5 billion in the first half of the year from P193.5 billion in the same period of 2021.

“Our financial performance was led by strong consumer spending across all categories and formats of our retail business and the return of crowds in malls,” said SMIC President and CEO Frederic C. DyBuncio.

He noted that, “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.”

In terms of net earnings, banks accounted for 48 percent, followed by property at 26 percent, retail at 20 percent, and portfolio investments at 6 percent.

SM Retail reported an 18 percent improvement in revenues to P163.7 billion from P138.2 billion in the same period last year, driven by higher foot traffic in retail stores and malls as well as renewed vigor in shopping for fashion-related items in the department stores.

Retail net income  surged 91 percent to P7.0 billion from P3.6 billion in the previous period, benefitting from cost reductions and efficiencies across all formats.

SM President Frederick Dybuncio

“This consumer-driven momentum brings more optimism moving forward as we keep innovating on our retail offerings to ensure an excellent shopping experience for the Filipino consumer,” DyBuncio said.

In the six months ended June 2022, SM Retail and its affiliates added 147 stores. This brought total stores to 3,336 which include 69 SM Stores, 1,543 Specialty Retail, 62 SM Supermarket, 52 SM Hypermarket, 214 Savemore, 1,320 Alfamart and 75 WalterMart stores.

SM Prime Holdings, Inc. reported a 21 percent increase in consolidated net income to P14.1 billion from P11.6 billion in the same period last year on the back of higher revenues.

BDO Unibank, Inc. delivered P23.9 billion in net income in the first six months, up 12 percent on strong results across its core businesses while China Banking Corporation 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.

 
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