PASAY CITY, Philippines, Nov. 13, 2024 /PRNewswire / -- SM Investments Corporation (SM Investments) announced a consolidated net income of PHP 60.9 billion for the first nine months of 2024, a 9% increase from PHP 55.9 billion in the same period last year. Consolidated revenues also grew by 5%, reaching PHP 462.5 billion, up from PHP 440.4 billion in the previous period.

"We continued to see good growth across our businesses in the third quarter, particularly in banking. With inflation easing, we remain positive. An improving macroeconomic environment should help both our businesses and consumers moving forward," said Frederic C. DyBuncio, President and CEO, SM Investments.

Of total net income, banking accounted for the largest share at 50% while property accounted for 27%. Retail pitched in 15%. while portfolio investments contributed 8%.

SM Retail reported net income was at PHP12.8 billion, from PHP13.7 billion in the previous period.

Retail revenues grew 4% to PHP301.8 billion from PHP289.9 billion in the previous period.

Department store performance saw normalization of margins, which remain higher than pre-pandemic levels. Food retail performance remained positive, with revenue growth of 7%, supported by better volumes and expansion. Specialty store performance was strong in discretionary categories such as health & beauty and fashion.

BDO Unibank, Inc. (BDO) reported its net profit increased 12%to PHP60.6 billion backed by the sustained contribution of its core intermediation and fee-based service businesses.

China Banking Corporation posted a record consolidated net income of PHP18.4 billion, up 13% on the back of sustained strong growth from core businesses. 

SM Prime reported a 12% growth in consolidated net income to PHP33.9 billion from PHP30.1 billion in the same period last year. Consolidated revenues increased 8% to PHP 99.8 billion from PHP92.6 billion.

Portfolio investments sustained its positive contribution to consolidated net income. 2GO Group, Inc. revenues grew 14% driven by increase in travels and the growing tourism industry. Atlas Consolidated Mining and Development Corporation increased revenues by 7% due to higher copper and gold prices.

Total assets of SM Investments increased 4% to PHP1.7 trillion. Gearing ratio remained conservative with 32% net debt to 68% equity.

PR Newswire Asia Ltd.

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