The Sy family-controlled SM Investments Corporation (SMIC), one of the country’s top conglomerates, reported a six percent improvement in consolidated net income to P18.4 billion in the first quarter of 2024 from P17.3 billion in the same period last year.
SMIC said in a disclosure to the Philippine Stock Exchange that its consolidated revenues for the January to March period increased four percent to P144.0 billion from P138.3 billion in the same period last year.
“We continue to benefit from the country’s underlying economic growth and we adapt to reflect consumers’ evolving spending habits and priorities,” said SM Investments President and CEO Frederic C. DyBuncio.
He added that, “Looking ahead, our outlook remains cautiously optimistic and our expansion is on track.”
Banking accounted for 52 percent of reported net earnings from core businesses, followed by property at 29 percent, retail at 12 percent, and portfolio investments at 7 percent.”
SM Retail’s net income stood at P3.1 billion from P3.9 billion in the same period last year as revenues were up 3 percent to P93.8 billion from P91.3 billion.
Revenues for Food retail increased 6 percent to P57.0 billion while, in Non-Food retail, revenues of the department store business were at P 22.4 billion, lower by 4 percent, and revenues for specialty retail stood at P20.4 billion, lower by 1 percent, as a result of moderated spending by consumers.
BDO Unibank, Inc. reported net income of P18.5 billion, up 12 percent from the same period last year on sustained performance of its core businesses while China Banking Corporation booked a P5.9 billion net income for the first quarter, up 18 percent on the robust growth of its core businesses.
SM Prime Holdings, Inc. reported consolidated net income of P10.5 billion, 11 percent higher than the P9.4 billion in the same period last year.
Portfolio investments’ net income in the first quarter was driven by Atlas Mining and the NEO Group. SM Investments expects the portfolio businesses to make a larger contribution to the Group’s revenues and earnings over time.
Total assets of SM Investments stood at P1.6 trillion. Gearing ratio remained conservative with 33 percent net debt to 67 percent equity.