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Pasay City, Philippines, August 3, 2022 /PRNewswire/ — SM Investments Corp.’s consolidated net income increased 27 percent. Php25.5 billion Between January and June Php20.1 billion same period last year.
Consolidated revenues grew to 23 percent. Php238.5 billion In the first half of Php193.5 billion same period last year.
“Our financial performance was driven by strong consumer spending across all of our retail businesses and formats and the return of mall crowds. We are encouraged to see strong consumer spending in the first half despite rising inflation. This is a bright spot. Philippines And amid global headwinds in the region,” said Frederic C. DiBincio, president and CEO of SM Investments Corporation.
Consumers can use SM to boost retail growth. Additional supporters of this growth are SM Retail’s efficient operations and strategic expansion.
SM Retail reported revenues of PHP163.7 billion, up 18 percent from Php138.2 billion same period last year.
This revenue growth is driven by higher foot traffic at retail stores and malls, as well as renewed energy in shopping for fashion-related items in department stores. Larger food retail formats have also benefited from higher foot traffic in malls.
Retail net income was 91 percent higher. Php7.0 billion from Php 3.6 billion In the past, benefiting from price reductions and efficiencies across all formats.
“This consumer-driven momentum brings more optimism as we continue to innovate in our retail offerings to ensure the best shopping experience for the Filipino consumer,” he said.
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SM Investments Corporation is a leading Philippine company that invests in market-leading businesses in retail, banking and real estate. It invests in companies that hold high growth opportunities in the growing Philippine economy.
SM Retail is the country’s largest and most diversified chain of food, non-food and specialty retail stores. SM Prime Holdings, Inc., is the largest integrated property developer in Philippines Interested in shopping malls, residential, offices, hotels and convention centers as well as tourism related property developments. In banking, BDO Unibank Inc. is the country’s largest bank and China Banking Corporation is the 6th largest bank.
Source: SM Investment Corporation
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