SM Investments nets P60.9 billion in Jan.-Sept. 2024

Sy-led diversified conglomerate SM Investments Corp. (SMIC) posted a 9% growth in its consolidated net income for the first nine months of the year, with its banking and property business units accounting for the largest share.

In a regulatory filing to the local bourse, SMIC said its consolidated net income grew to P60.9 billion from P55.9 billion, as revenues increased by 5% to P462.5 billion from P440.4 billion.

The banking unit accounted for 50% of total net income, with BDO Unibank Inc. reporting a 12% increase in its net profit to P60.6 billion, while China Banking Corp. saw a 13% increase in its consolidated net income to P18.4 billion.

“We continued to see good growth across our businesses in the third quarter, particularly in banking,” SMIC president and chief executive officer Frederic DyBuncio said.

“With inflation easing, we remain positive. An improving macroeconomic environment should help both our businesses and consumers moving forward,” he added.

The property unit accounted for 27% of net income, as SM Prime posted a 12% net income growth to P33.9 billion, with consolidated revenues up 8% to P99.8 billion.

The mall business recorded an 8% increase in consolidated revenues to P56.5 billion. Mall rental income grew 8% to P48.5 billion, while cinemas, event ticket sales, and other revenues rose 4% to P8 billion.

The primary residential business saw a 9% growth in revenues to P31.2 billion, while other key businesses — offices, hotels, and convention centers — increased revenues by 11% to P11.0 billion.

SMIC has allocated some P120 billion for its capital spending this year, with bulk going to its property business which targets to open several malls this year.—AOL, GMA Integrated News