SM Investments 9-month 2023 net income jumps 30%
MANILA -The Sy family conglomerate SM Investments Corp. said earnings during the first nine months of the year jumped 30 percent to P55.9 billion amid the strong performance of its core banking, property and retail businesses.
Total revenues from January to September this year expanded by 15 percent to P440.4 billion.
“Our ongoing healthy growth reflects buoyant consumer activity in malls and sustained spending in discretionary retail categories,” SM Investments president and CEO Frederic C. DyBuncio said in a statement on Wednesday.
The group’s banking segment, comprised of No. 1 lender BDO Unibank Inc. and China Banking Corp., accounted for 47 percent of net earnings.
Property accounted for 26 percent, followed by retail with 18 percent and portfolio investments such as Philippine Geothermal Production Co and NEO, SM Investments’ office portfolio, which contributed 9 percent.
“We look forward to the fourth quarter, while continuing to monitor the impact of food prices and interest rates on consumer wallets,” DyBuncio said.
During the nine-month period, BDO reported a 35-percent profit spike to P53.9 billion while Chinabank grew earnings by 10 percent to P16.2 billion.
Property arm SM Prime Holdings booked a net income of P30.1 billion, up 37 percent, while total revenue climbed 26 percent to P92.6 billion.
Mall revenues, which accounted for 57 percent of consolidated sales, grew by 37 percent to P52.5 billion.
SM Retail saw earnings rise 19 percent to P13.7 billion during the nine-month period while revenues added 12 percent to P290.6 billion.
“Same store sales for the department store and specialty retail businesses grew 18 percent and 9 percent respectively, reflective of strong consumer spending in key categories, while store expansion also buoyed growth,” SM Investments noted.
“Food retail performance remained positive, supported by volume growth and expansion,” it added.
