Sy-led conglomerate SM Investments Corporation (SMIC) saw double-digit growth in its bottom line during the first half of 2022 due to strong performance across its businesses.
In a disclosure to the Philippine Stock Exchange on Wednesday, SMIC reported a net income of P25.5 billion in the January to June period, up 27% from the P20.1 billion posted in the same period in 2021.
The conglomerate also posted a 23% growth in its top line or revenues of P238.5 billion during the first semester, from P193.5 billion year-on-year.
“Our financial performance was led by strong consumer spending across all categories and formats of our retail business and the return of crowds [to] 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 SMIC president and CEO Frederic DyBuncio.
SMIC said its banking business contributed the lion’s share of 48%, followed by property at 26%, retail at 20%, and portfolio investments at 6%.
BDO Unibank Inc., in particular, reported a P23.9 billion net income in the first six months, up 12% on strong results across its core businesses.
China Banking Corporation posted a net income of P10.1 billion, up 39% compared to the same period last year, driven mainly by higher net interest income and core fee income, as well as lower provisions.
SM Retail reported revenues of?P163.7 billion, up 18% from P138.2 billion in the same period last year, driven by higher foot traffic in retail stores and malls as well as renewed vigor in shopping for fashion-related items in department stores.
Retail net income? grew by 91% to P7.0 billion from P3.6 billion in the previous period, benefitting from cost reductions and efficiencies 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,” said DyBuncio.
SMIC said that during the first six months of 2022, SM Retail and its affiliates added 147 stores.
This brings the total number of stores to 3,336, which includes 69 SM Stores, 1,543 Specialty Retail, 62 SM Supermarket, 52 SM Hypermarket, 214 Savemore, 1,320 Alfamart, and 75 WalterMart stores.
In its property business, SMIC said SM Prime Holdings Inc. reported a 21% increase in consolidated net income to P14.1 billion from P11.6 billion in the same period last year, supported by a 13% increase in consolidated revenues to P46.3 billion from P41.1 billion.
SM Prime’s mall revenues, which account for 44% of consolidated revenues, grew 92% to P20.6 billion from P10.7 billion.
Mall rental income rose 80% to P18.6 billion from P10.3 billion.
With more relaxed community quarantines in major areas in the Philippines, SMIC said SM Prime’s cinemas, event ticket sales, and other revenues grew to P2 billion from P500 million.
The conglomerate added that SM Prime’s China mall revenues reached RMB0.39 billion in the first half of 2022, almost the same level as in 2021.
SM Prime’s residential business, led by SM Development Corporation, reported P18.2 billion in revenues, 25% lower than the P24.5 billion posted in the same period last year.
The decrease in revenues was partly due to canceled sales as an effect of the expiration of the Bayanihan Act, which gave a reprieve to unit buyers during the height of the pandemic, affecting the entire industry, according to SMIC. —VBL, GMA News
SMIC books P25.5-B profit in H1
Source: News Panda Philippines
0 comentários :
Post a Comment