SM Investments Corporation, one of the country’s top conglomerates, reported that its consolidated net income leaped 50 percent to P42.9 billion in the first nine months of 2022 from P28.6 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues rose 31 percent to P381.9 billion in the first nine months of 2022 from P292.6 billion in the same period last year.

“We continued to gain momentum in our growth this quarter, supported by increased economic activity and strong consumer sentiment. With encouraging results, we remain confident about sustained growth in the fourth quarter,” SM Investments President and CEO Frederic C. DyBuncio said.

He added that, “With the addition of Philippine Geothermal Production Company and profitable performance across our invested companies, our portfolio investments have also become a meaningful contributor to the group.”

SM Investments received approval from the Securities and Exchange Commission to acquire the 81 percent stake of related parties in Allfirst Equity Holdings Inc., the holding company for PGPC. This transaction brought SM Investments’ ownership in PGPC to 100 percent.

Portfolio companies accounted for 13 percent of reported net earnings. Banking took the largest share at 45 percent, followed by property at 23 percent, and retail at 19 percent.

SM Retail reported a net income of P11.5 billion  for the first nine months the year from P4.8 billion in the previous period, up 138 percent and surpassing 2019 pre-pandemic levels. Revenues grew 26 percent to P258.1 billion from P204.9 billion in the previous period.

With the resumption of face-to-face schooling, there was a pick-up in demand for school essentials--shoes, bags and other supplies as well as fashion items.

Notably, net income for specialty stores grew 139 percent and revenues were up 35 percent as discretionary spending continued to be strong.

“Increasing employment and higher OFW (Overseas Filipino Workers) remittances across the country helped fuel spending and we anticipate continued momentum towards the fourth quarter with the resumption of normalized holiday activities,” DyBuncio said.

SM Prime Holdings, Inc. reported P22.0 billion in consolidated net income in the first nine months, 41percent higher than last year’s P15.6 billion.

BOO Unibank, Inc. grew its net income to P40.0 billion in the first nine months compared with P32.4 billion in the same period last year on solid results across its core businesses.

China Banking Corporation reported a net income of P14.7 billion in the first nine months, up 31 percent year-on-year, on higher top line revenues and core fee income.