MANILA — Sy family’s conglomerate SM Investments Corp. increased its net income by 10 percent in the first half of 2024 to PHP40.2 billion from PHP36.5 billion in the same period in 2023.
SM Investments president and chief executive officer Frederic DyBuncio attributed the company’s performance in January to June this year to the positive business environment.
“SM’s double-digit growth in the first half results reflects a positive environment for our businesses. Improved discretionary spending in the second quarter lifted retail sales, while our banks, property and portfolio investments continued to deliver. We remain cautiously optimistic for the balance of the year,” DyBuncio said in a statement.
On Wednesday, the listed firm disclosed to the Philippine Stock Exchange (PSE) that its consolidated revenues increased by 5 percent to PHP301.4 billion in the first half of 2024 from PHP286.7 billion in the same period in 2023.
Biggest contributor to revenues is SM Retail, with revenues increasing by 4 percent to PHP196.9 billion in the first six months of the year from PHP188.5 billion a year ago.
Its property arm, SM Prime Holdings, Inc.'s revenues rose 8 percent to PHP64.7 billion from PHP59.9 billion in the same comparable period.
The company’s banks, BDO Unibank Inc. and China Banking Corp., both performed better in the first semester of 2024 versus the same period last year.
“Total assets of SM Investments increased 1 percent to PHP1.6 trillion,” the company said. (PNA)
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