SM Investments Corp. (SMIC), the holding firm of the Sy family, said its income nearly tripled to P20.1 billion in the first semester, from the P7.1 billion it posted a year ago.
Consolidated revenues rose 4 percent to P193.5 billion in the first half from P185.5 billion in the same period last year, it said.
Banking accounted for 58 percent of SMIC’s reported net earnings from core businesses, followed by property at 28 percent and retail at 14 percent.
“Our businesses continued to perform resiliently, recovering well as conditions allowed. Our banking and residential businesses performed well as we also continued to invest in long term expansion with new stores, bank branches, residential project launches and investments in malls, as well as taking a majority stake in 2GO in our equity investment portfolio,” SM Investments President and CEO Frederic C. DyBuncio said.
In the six months ending June 30, SM Retail and its affiliates added 159 stores while banks increased their network by 22 branches. SM Development Corp., which builds condominiums, launched two residential projects—Sands Residences in Manila and Cheerful 2 Residences in Pampanga—bringing over 3,900 new units to the market.
“We are hopeful that the recovery momentum continues as we see more Filipinos get vaccinated,” DyBuncio said. In a strong drive to support national recovery, SM ordered over 500,000 doses of Covid-19 vaccines for its employees and for donation to the government.
With the acquisition of additional shares in 2GO, SM Investments’ stake increased to 52.89 percent by the end of June, providing ownership control.
“We are confident of 2GO capturing a leading share in high value activities in the growing local logistics and distribution sector and are pleased to continue to support its growth,” DyBuncio said.
SM Retail reported revenues of P138.2 billion, slightly lower than last year’s P139.2 billion.
Revenue growth was 18 percent in the non-food segment, with online and deliveries accounting for 13 percent of total revenues.
Retail net income reached P3.6 billion from only P522 million last year, due to the cost reductions implemented in the first quarter across all formats and further efficiencies in the second quarter.
BDO Unibank Inc. delivered P21.4 billion in profits in the first six months of the year on the back of strong sustainable earnings and normalized provisions.
China Banking Corp.’s net income grew by 39 percent to P7.3 billion on the back of strong performance across its core businesses.
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