SMIC earnings soar to P20 billion in first half

MANILA, Philippines — SM Investments Corp. reported a consolidated net income of P20 billion in the first half, up from P7.1 billion a year ago.

The company raked in P193.5 billion in revenue, four percent higher than the previous year.

Banking accounted for 58 percent of SMIC’s reported net earnings from core businesses, followed by property at 28 percent and retail at 14 percent.

SMIC president and CEO Frederic DyBuncio said the company’s businesses continued to perform resiliently.

“Our banking and residential businesses performed well as we also continued to invest in long term expansion with new stores, bank branches, residential project launches and investments in malls, as well as taking a majority stake in 2GO in our equity investment portfolio,” he said yesterday.

In terms of different businesses, SM Retail reported revenues of P138.2 billion, slightly lower than P139.2 billion a year ago.

SM Prime Holdings Inc. reported P11.6 billion in net income, 12 percent higher than last year.

Consolidated revenues were down six percent to P41.1 billion due to the continued positive performance of the group’s residential business as well as the malls business in the second quarter.

SM Prime’s residential business, which accounted for 60 percent of the company’s consolidated revenues and led by SM Development Corp., registered a three percent increase in revenues to P24.5 billion during the period.

Banking arm, BDO Unibank Inc. delivered P21.4 billion in profits, up nearly 400 percent on the back of strong sustainable earnings and normalized provisions.

China Banking Corp reported a 39 percent growth in net income to P7.3 billion on the back of the strong performance across its core businesses.

Article and Photo originally posted by Philippine Star last August 5, 2021 12:00am and written by Iris Gonzales.