SM Investments Reports 9% Increase in Earnings

SM Investments Corp. (SMIC), led by the Sy family, reported a 9% increase in consolidated net income for the first nine months of 2024, reaching PHP 60.9 billion, up from PHP 55.9 billion last year. Consolidated revenues also rose by 5% to PHP 462.5 billion, driven primarily by strong performances in banking and property sectors. Banking contributed 50% to total net income, with BDO Unibank and China Banking Corp. posting record earnings. The property sector accounted for 27% of net income, while retail contributed 15%, though SM Retail saw a decline in net income to PHP 12.8 billion. Frederic DyBuncio, SMIC's president and CEO, expressed optimism about future growth amid an improving macroeconomic environment and easing inflation. Overall, the conglomerate's diversified portfolio continues to show resilience and adaptability in the current economic landscape.