SMIC Profits Grew 32% To ₱36.5-B In H1

SM Investments Corporation (SM Investments), the flagship of the Sy family, reported a 32 percent growth in its consolidated net income to P36.5 billion in the first half of 2023 from P27.7 billion in the same period last year.

Photo Insert: SM Investments said consolidated revenues rose 18% to P286.3 billion in the January to June period from P242.6 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said consolidated revenues rose 18% to P286.3 billion in the January to June period from P242.6 billion in the same period last year.

Of total net earnings, SM’s retail business accounted for 17%, property contributed 26 %, banking accounted for the largest share at 47 percent, and portfolio investments contributed 10 percent.

SM Retail’s net income grew 21% to P8.4 billion from P7.0 billion as revenues were up 15% to P188.9 billion from P164.3 billion.

Revenue growth mirrored vibrant shopping activity supported by improving employment. As a result, revenues for the department store grew 27% while specialty retail revenues increased 18%.

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