This already represents around 80 percent of last year’s record-breaking P77-billion profit, which marked a milestone for the group and Philippine corporate history.
Revenues during the nine-month period increased by 5 percent to P462.5 billion, driven by strong performance in banking, property, and retail.
Core businesses, portfolio investments shine
Banking made up 50 percent of total net income, while property and retail contributed 27 percent and 15 percent, respectively. Portfolio investments, such as 2GO and Atlas Mining, also grew, with 2GO’s revenues rising 14 percent due to increased travel demand.
SM Investments’ total assets increased 4 percent to P1.7 trillion, keeping a conservative gearing ratio of 32 percent net debt to equity.
Management’s view
“We continued to see good growth across our businesses in the third quarter, particularly in banking,” said Frederic C. Dy Buncio, president and CEO of SM Investments.
“With inflation easing, we remain positive. An improving macroeconomic environment should help both our businesses and consumers moving forward,” he added.
Core businesses
SM Investments Corp.’s retail segment reported a 4-percent revenue increase to P301.8 billion, led by a 7- percent growth in food retail and strong sales in specialty stores, though net income fell to P12.8 billion from P13.7 billion due to normalizing margins.
BDO Unibank’s net profit rose 12 percent to P60.6 billion, driven by core lending and fee-based services, with customer loans up 13 percent.
China Banking Corp. recorded a 13-percent rise in net income to P18.4 billion, supported by a 14-percent growth in its loan portfolio and stronger asset quality.
SM Prime Holdings’ property segment saw net income grow 12 percent to P33.9 billion, with total revenues up 8 percent to P99.8 billion.
Mall rental income increased 8 percent, and residential revenues climbed 9 percent, driven by robust reservation sales.
