MANILA, Philippines — SM Investments Corp. (SMIC), the listed conglomerate of the Sy family, grew its first half net income by nine percent to P18.1 billion.

The listed giant which has interest in banks, shopping malls, supermarkets, hotels and condominiums, registered P204.9 billion in revenues, up 12 percent year-on-year.

“We are encouraged by the results of the first half, driven by the strong performance of retail and property, particularly the residential business. Our results show the strength of the economy and consumer sentiment, but we remain vigilant about inflationary pressures. We are optimistic that consumption will remain resilient,” SM president Frederic DyBuncio said.

The property business contributed the most to consolidated net income at 45 percent, followed by banks with 33 percent and retail with 22 percent.

The retail business sustained growth in total sales of 10 percent to P145 billion, while net income grew 10 percent to P5.7 billion.

At end-June, SM Retail had a total of 2,149 stores.

SM Prime Holdings grew its net income 16 percent to P16.6 billion as revenues rose 15 percent to P49.8 billion.

Mall revenues, which consist of rentals, cinema and event ticket sales and amusement revenues, accounted for P28.7 billion or 58 percent of the total revenues. This represented an increase of 12 percent year-on-year.

SM Prime now has 70 malls in the country and seven malls in China.

BDO Unibank Inc., meanwhile, reported a net income of P13.1 billion, while China Banking Corp. posted a net profit of P3.6 billion.

SM’s retail operations are the country’s largest and most diversified with its food, non-food and specialty retail stores, while SM Prime is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels and convention centers as well as tourism-related property developments.

Source: Philippine Star