SM Investments reports 10% profit growth in first half of 2024

SM Investments Corp., the conglomerate led by the Sy family, has reported a 10% increase in net income for the first half of 2024, reaching PHP40.2 billion compared to PHP36.5 billion during the same period in 2023.

Frederic DyBuncio, President and CEO of SM Investments, credited the company’s strong performance from January to June to a favorable business climate. “The double-digit growth we’ve seen in the first half is a reflection of a supportive environment for our operations. Enhanced consumer spending in the second quarter boosted retail sales, while our banking, property, and investment sectors also performed well. We are cautiously optimistic for the rest of the year,” DyBuncio stated.

According to the company's disclosure to the Philippine Stock Exchange (PSE) on Wednesday, consolidated revenues for the first half of 2024 grew by 5%, totaling PHP301.4 billion compared to PHP286.7 billion in the same period last year.

SM Retail emerged as the largest revenue contributor, with its earnings rising by 4% to PHP196.9 billion from PHP188.5 billion in the previous year’s first half.

SM Prime Holdings Inc., the conglomerate’s property arm, saw an 8% increase in revenues, reaching PHP64.7 billion compared to PHP59.9 billion in the corresponding period of 2023.

Additionally, both of SM’s banking entities, BDO Unibank Inc. and China Banking Corp., showed improved performance in the first six months of 2024.

The company's total assets grew by 1%, now amounting to PHP1.6 trillion, as reported.