SM Investments net income rises 9% to PHP60.9 billion in YTD Sept 2024

Of total net income, banking accounted for the largest share at 50% while property accounted for 27%. Retail pitched in 15%. while portfolio investments contributed 8%.

SM Retail reported net income was at PHP12.8 billion, from PHP13.7 billion in the previous period.

Retail revenues grew 4% to PHP301.8 billion from PHP289.9 billion in the previous period.

Department store performance saw normalization of margins, which remain higher than pre-pandemic levels. Food retail performance remained positive, with revenue growth of 7%, supported by better volumes and expansion. Specialty store performance was strong in discretionary categories such as health & beauty and fashion.

BDO Unibank, Inc. (BDO) reported its net profit increased 12%to PHP60.6 billion backed by the sustained contribution of its core intermediation and fee-based service businesses.

China Banking Corporation posted a record consolidated net income of PHP18.4 billion, up 13% on the back of sustained strong growth from core businesses. 

SM Prime reported a 12% growth in consolidated net income to PHP33.9 billion from PHP30.1 billion in the same period last year. Consolidated revenues increased 8% to PHP 99.8 billion from PHP92.6 billion.

Portfolio investments sustained its positive contribution to consolidated net income. 2GO Group, Inc. revenues grew 14% driven by increase in travels and the growing tourism industry. Atlas Consolidated Mining and Development Corporation increased revenues by 7% due to higher copper and gold prices.

Total assets of SM Investments increased 4% to PHP1.7 trillion. Gearing ratio remained conservative with 32% net debt to 68% equity.

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