SM conglomerate optimistic on growth prospects for 2024

Conglomerate SM Investments Corp. (SMIC) of the Sy family is cautiously optimistic for 2024, but remains committed to stay on growth mode after solid contributions from its core businesses and higher earnings contribution from portfolio investments, which lifted earnings by a quarter to P77 billion in 2023.

- RICHMOND MERCURIO

SMIC president and CEO Frederic DyBuncio said 2023 was a very good year for the group, with all of its businesses performing strongly.

He said SMIC's businesses would continue to grow as long as consumers remain strong and the economy continues to grow.

"For the entire group, 2024 looks like possibly a better year, so we'll see how it turns out," DyBuncio said.

The group, however, is cautious over external factors that might impact its businesses.

"For us, when we look at the environment, the external factor is really a big concern for us. We don't see any internal issues other than any inflation that might affect our businesses. But what is more concerning is the impact of whatever external factor that might be," DyBuncio said.

"Geopolitics for example. When that happens, it affects the supply chain, it affects the prices of commodities and then it trickles down to eventually affecting inflation. Those can affect our businesses," he said.

Still, SMIC sees a lot of opportunities for growth and expansion in the country.