SMIC income grows 9% to P18.1 billion in H1

SM Investments Corp. (SMIC), the holding company of the Sy family, said its net income grew 9 percent in the first half of 2018 to P18.1 billion, from P16.6 billion last year.

Consolidated revenues rose 12 percent to P204.9 billion for the period from P183.2 billion last year.

“We are encouraged by the results of the first half, driven by the strong performance of retail and property, particularly the residential business. Our results show the strength of the economy and consumer sentiment, but we remain vigilant about inflationary pressures. We are optimistic that consumption will remain resilient,” SM President Frederic DyBuncio said.

The property business contributed the most to consolidated net income at 45 percent, followed by banks at 33 percent and retail with 22 percent.

SM Retail reported sustained growth in total sales of 10 percent to P145 billion, while net income rose 10 percent to P5.7 billion.

As of end-June 2018, SM Retail had a total of 2,149 stores, comprising 61 department stores, 1,304 specialty stores, 55 supermarkets, 49 hypermarkets, 190 Savemore stores, 49 Waltermart stores and 441 Alfamart stores.

The food-retail group continued expansion in both urban and rural communities nationwide, adding nine mid-sized format Savemore stores, three supermarkets and four Waltermart stores.

Meanwhile, Alfamart increased its number of stores by 93 in the first half.

The department store opened two branches in Urdaneta, Pangasinan, and Telabastagan, Pampanga. As of the first half, the total gross selling area of all 61 department stores stood at 783,650 square meters.

Revenues from SM Retail’s specialty retail stores grew 17 percent to P37.3 billion, in part driven by expansion and new formats such as Miniso, which had 55 stores at the end of the first half.

SM Prime Holdings Inc. reported consolidated net income of P16.6 billion in the first half of the year, up 16 percent. Consolidated revenues increased 15 percent to P49.8 billion, from P43.3 billion in the same period last year.

BDO Unibank Inc. reported its first-half net income at P13.1 billion, down by 1.5 percent from last year.

China Banking Corp., meanwhile, reported a flat net income at P3.6 billion for the first half.

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A journalism graduate and has covered the Philippine business beat for more than a decade.

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