SMIC keeps positive momentum going, thanks to revved up retail operations and steady growth in banking

Sy-blings’ holding firm SM Investments Corp. (SMIC) maintained its growth trajectory in the first six months with net income rising 27 percent to P25.5 billion amid an uptick in the consumer and retail sector.

In a regulatory filing, SMIC said consolidated revenues climbed 23 percent to P238.5 billion despite inflationary pressures.

“Our financial performance was led by strong consumer spending across all categories and formats of our retail business and the return of crowds in malls. Despite rising inflation, we are encouraged to see shoppers’ robust spending in the first half. This is a bright spot in the Philippines and in the region amid global headwinds,” said Frederic C. DyBuncio, president and CEO of SMIC.

SM Retail registered an 18 percent increase in revenues to P163.7 billion as consumers trooped back to the malls. Net income surged 91 percent to P7 billion owing to effective cost-containment measures across all formats.

“This consumer-driven momentum brings more optimism moving forward as we keep innovating on our retail offerings to ensure an excellent shopping experience for the Filipino consumer,” DyBuncio said.

SM Retail and its affiliates added 147 stores, bringing its total branch network to 3,336 (69 SM Stores, 1,543 specialty retail, 62 SM Supermarket, 52 SM Hypermarket, 214 Savemore, 1,320 Alfamart and 75 WalterMart stores).

The conglomerate’s banking arm, BDO Unibank chalked up a net income of P23.9 billion from January to June, up 12 percent on strong results across its core businesses.

SMIC ended the first half with total assets of P1.4 trillion. It recently raised P15 billion from retail bond offering which was 3.7 times oversubscribed.

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