SM’s consolidated net income increased by 10% in the first half of the year to PHP 40 billion, growth in the second quarter was 13%

CITY OF PASAAY, Philippines, August 7, 2024 /PRNewswire/ — SM Investments Corporation (SM Investments) reported a 10 percent increase in consolidated net income for the first half of 2024. 40.2 billion PHPup from 36.5 billion PHP during the same period last year. This reflected a 13% increase in net income in the second quarter, reaching 21.8 billion PHPConsolidated revenues up 5% in the first half of the year 301.4 billion PHP With 286.7 billion PHP year-on-year. Second-quarter revenues increased by 6% to 157.7 billion PHP.

“SM’s double-digit growth in first-half results reflects a positive environment for our businesses. Improved discretionary spending in the second quarter lifted retail sales, while our banking, real estate and portfolio investments continued to deliver gains. We remain cautiously optimistic for the rest of the year,” said SM Investments President and CEO Frederic C. DyBuncio.

The largest share of total net income, as much as 50%, was held by banking. Real estate accounted for 27%, retail 14%, and portfolio investments 9%.

“We were also pleased with the demand and positive response to our recent initial issuance of Euro Medium-Term Notes, which underscored the quality of our financials and the investment appeal of strong Philippine companies,” added Mr. DyBuncio.

ON July 18SM Investments has valued 500 million dollars payment from his 3 billion dollars EMTN Programme, currently listed on the Singapore Exchange Securities Trading Limited. The issue, which was 3.2 times oversubscribed, reached the final demand $1.6 billionwas the largest foreign bond issue by SM Investments since 2014.

SM Retail’s net income amounted to 7.6 billion PHP in the first half from 8.4 billion PHP last year, due to the high base effect resulting from the lifting of mobility restrictions on consumption in 2023.

Revenues grew by 4% in the first half of the year 196.9 billion PHP With 188.5 billion PHP. The second quarter saw higher growth of 6% in retail revenue and 2% in net income, reflecting spending on discretionary items such as appliances, cosmetics and fashion. Specialty retail revenue rose 5%. Food retail revenue rose 7%.

SM Prime Holdings, Inc. reported that its consolidated net income increased by 13% to 22.1 billion PHP in the first half from 19.4 billion PHP during the same period last year.

BDO Unibank, Inc. (BDO) reported net income of 39.4 billion PHP in the first half of the year, an increase of 12% year-on-year, thanks to stronger dynamics of the company’s core business, which is brokerage and paid services.

China Banking Corporation reported that net income in the first half of the year rose to a record high 11.4 billion PHPwhich represents an increase of 6% compared to the same period last year, due to growth in core lending and deposit-taking activities.

Source :SM consolidated net income up 10% in H1 to PHP40 billion, up 13% in Q2

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