SMIC net income jumps 27% to P23 billion in first semester

SM Investments Corporation (SMIC) reported a 27 percent jump in net income to P23.0 billion in January to June of 2019 from P18.1 billion in the same period last year.

In a disclosure, the firm said consolidated revenues rose 14 percent to P233.7 billion in the first half from P204.3billion in the same period last year.

“We delivered a strong first half, underpinned by remarkable bank earnings and robust residential take-up. Our retail business continues to do well and we are pleased with the rapid expansion of our minimart footprint through Alfamart,” SMIC President and Chief Executive Officer Frederic C. Dy Buncio said.

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