SM Investments Corporation, the flagship of the Sy family and one of the country’s biggest conglomerates, reported a 10 percent improvement in consolidated net income to P40.2 billion in the first half of 2024 from P36.5 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said this reflected a 13 percent growth in net income to P21.8 billion in the second quarter.
Consolidated revenues rose five percent in the first half to P301.4 billion from P286.7 billion year-on-year, and grew six percent to P157.7 billion in the second quarter.
“SM’s double-digit growth in the first half results reflects a positive environment for our businesses,” said SM Investments President and CEO Frederic C. DyBuncio.
He noted that “improved discretionary spending in the second quarter lifted retail sales, while our banks, property and portfolio investments continued to deliver. We remain cautiously optimistic for the balance of the year.”
Of total net earnings, banking accounted for the largest share, at 50 percent, property contributed 27 percent, retail accounted for 14 percent, and portfolio investments accounted for 9 percent.
“We were also pleased with the demand and positive feedback on our recent maiden Euro Medium-Term Notes issuance, highlighting the quality of our financials and investability of strong Filipino companies,” DyBuncio added.
On July 18, SM Investments priced a $500 million drawdown from its $3 billion EMTN program, now listed on the Singapore Exchange Securities Trading Limited. The issuance, which was 3.2 times oversubscribed, with final demand reaching $1.6 billion, marked SM Investments’ largest offshore bond issuance since 2014.
SM Retail’s net income declined to P7.6 billion in the first half from P8.4 billion last year due to a high base effect from the impact of the lifting of mobility restrictions on consumption in 2023. Revenues grew four percent in the first half to P196.9 billion from P188.5 billion.
The second quarter reflected higher growth by six percent in retail revenues and two percent in net income indicative of spending on discretionary items such as appliances, beauty and fashion.
SM Prime Holdings Inc. reported its consolidated net income increased 13 percent to P22.1 billion in the first half from P19.4 billion in the same period last year. Consolidated revenues grew eight percent to P64.7 billion from P59.9 billion.
BDO Unibank Inc. (BDO) posted net earnings of P39.4 billion in the first half, 12 percent higher year-on-year, on the stronger momentum from its core intermediation and fee-based service businesses.
China Banking Corporation reported net income in the first half to a record P11.4 billion, up six percent compared to the same period last year on the back of stronger core lending and deposit-taking activities.
Atlas Consolidated Mining and Development Corporation reported an increase in net income to P2.07 billion while revenues grew 23 percent to P12.5 billion as a result of higher copper metal prices.
The Philippine Geothermal Production Company Inc. (PGPC) for its part recently embarked on the exploration and development of new geothermal energy sources in various parts of Luzon that will help bolster power security for that region and advance the country’s renewable energy objectives.
2GO Group Inc. (2GO) launched new passenger vessels, 2GO M/V Masigla and 2GO M/V Masikap in the second quarter which will sail from Manila to destinations in Visayas and Mindanao.
In addition, both vessels will carry containerized freight and rolling cargo to businesses and consumers.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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