SMIC net income up by 10% in H1

Earnings of the Sy family’s investment holding company SM Investments Corp. (SMIC) grew by 10 percent in the first half on the back of double-digit profit increases from its property and banking units.

- RICHMOND MERCURIO

SMIC reported a net income of P40.2 billion in the six-month period ending June, up from P36.5 billion in the same period in 2023.

Revenues also improved by five percent to P301.4 billion from last year’s P286.7 billion.

For the second quarter alone, SMIC booked a 13-percent jump in profit to P21.8 billion as revenues climbed by six percent to P157.7 billion.

“SM’s double digit growth in the first half results reflects a positive environment for our businesses. Improved discretionary spending in the second quarter lifted retail sales, while our banks, property and portfolio investments continued to deliver,” SMIC president and CEO Frederic DyBuncio said.

DyBuncio said the company remains cautiously optimistic for the balance of the year.