, Philippines

SMIC net income jumps 27% YoY to $457.6m in H1 2022

It is supported by the strong retail activity due to higher foot traffic in malls.

SM Investments Corporation (SMIC) reported a 27% year-on-year growth in net income to around $457.6m (P25.5b) in the first half of 2022 due to strong retail activity.

In a statement, SMIC said its consolidated revenues increased by 23% YoY to around $4.3b (P238.5b).

“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,” said SMIC President and CEO Frederic DyBuncio.

“This is a bright spot in the Philippines and in the region amid global headwinds,” he added.

READ MORE: SMIC’s Philippine Geothermal Production Company acquisition gets green light

SM Retail’s revenues rose 18% YoY to around $2.9b (P163.7b) dueuring the period, driven by the the higher foot traffic in retail stores and renewed robustness in shopping for fashion-related items in department stores. Larger food retail formats also posted stronger performance from the increased foot traffic.

Alongside cost reductions and efficiency across all formats, retail net income surged 91% YoY to around $125.6m (P7b).

SM Retail and its affiliates also opened additional 147 stores, bringing the total stores to 3,336, including 69 SM Stores, 1,543 Specialty Retail, 62 SM Supermarket, 52 SM Hypermarket, 214 Savemore, 1,320 Alfamart, and 75 WalterMart stores. 

“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.

Meanwhile on the property side, SMIC said SM Prime Holdings, Inc. reported a 21% YoY increase in consolidated net income to around $253m (P14.1b). 

In the banking sector, BDO Unibank, Inc. saw a 12% YoY increase in net income to around $428.9m (P23.9b) because of strong results in its core businesses, whilst China Banking Corp. rose 39% YoY to over $181m (P10.1b) due to higher net interest income and core income fee and lower provisions.

Overall, banks accounted for 48% of net earnings, followed by the property at 26%, retail at 20%, and portfolio investments at 6%.

$1 = P55.73

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