SM Investments Corporation, the country’s leading conglomerate, reported a 33 percent jump in consolidated net income to P17.3 billion in the first quarter of 2023 from the P13.0 billion earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues in the January to March period increased 21 percent to P138.2 billion, from P113.8 billion in the same period last year.
“This year has started well, continuing the strong momentum of 2022. We are well positioned for continued growth and prepared for any macroeconomic uncertainties,” SMIC President and CEO Frederic C. DyBuncio said.
He added that, “Meanwhile the whole group is pushing ahead with regional expansion plans to serve more Filipinos.”
Banking accounted for 47 percent of SMIC’s reported net earnings from core businesses, followed by property at 26 percent, retail at 17 percent and portfolio investments at 10 percent.
BDO Unibank, Inc. reported a net income of P16.5 billion, up 41 percent from the same period last year and bolstered by solid loan and deposit growth, robust fee-income generation and improved asset quality.
China Banking Corporation booked a P5.0 billion net income for the first quarter, up 3 percent from the same period last year, driven by robust asset base expansion, strong net interest income and lower credit provisions.
SM Prime Holdings, Inc. (SM Prime) registered a consolidated net income of P9.4 billion, 27 percent higher than the P7.4 billion in the same period last year.
SM Retail net income surged 51 percent to P3.9 billion from P2.6 billion. Revenues were up 22 percent to P91.2 billion from P74.5 billion as consumers’ purchasing power remained stable despite higher inflation.
Notably, the department store business was strong as improving employment continued to support spending. Food retailing was likewise strong with constant spending on food essentials.
Specialty retail growth was also driven by discretionary spending on fashion, accessories and sports items.
Portfolio investments continued to contribute to revenues and net income, gaining momentum from the turnarounds from last year. SMIC expects its portfolio businesses to make a bigger contribution to the Group’s revenues and earnings over time.
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The article was originally published in Manila Bulletin and written by James A Loyola.
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