SM Investments Corp. (SMIC), the listed holding firm of the Sy family, notched a 6-percent rise in first quarter net income to P18.4 billion from P17.3 billion a year earlier, driven by a 4-percent increase in revenues.
Consolidated revenues during the quarter rose to P144 billion from P138.3 billion, the conglomerate told the stock exchange on Wednesday.
"We continue to benefit from the country's underlying economic growth, and we adapt to reflect consumers' evolving spending habits and priorities," SMIC President and CEO Frederic DyBuncio said in a statement.
SMIC remains "cautiously optimistic" about its growth prospects, DyBuncio said, adding that the group's expansion plans were "on track."
SMIC's banking units accounted for the bulk of earnings from core businesses at 52 percent. These were followed by property (29 percent), retail (12 percent) and portfolio investments (7 percent).
By segment, BDO Unibank Inc. posted a 12-percent year-on-year increase in earnings to P18.5 billion, while China Banking Corp.'s profit climbed 18 percent to P5.9 billion.
The growth of the banking units, the conglomerate said, was due to strong contributions of their core businesses.
Property subsidiary SM Prime Holdings Inc., meanwhile, saw net income grow 11 percent, to P10.5 billion from P9.4 billion, as revenues expanded 7 percent, to P30.7 billion from P28.6 billion.
The mall segment remained the key growth driver as it generated 18.2 billion in sales, accounting for 59 percent of SM Prime's topline.
The primary residential business chipped in P8.5 billion in revenues, while other segments — offices, hotels and convention centers — posted a 9-percent year-on-year uptick in sales to P3.4 billion.
SM Retail's net income and revenues amounted to P3.1 billion and P93.8 billion, respectively, with sales growth in the food retail business partly offsetting lower gains from non-food and specialty retail.
Earnings from portfolio investments, meanwhile, were mainly driven by Atlas Mining and the NEO Group, the conglomerate said, adding that it hoped to derive larger contributions from the segment over time.
SMIC closed the first three months of 2024 with total assets of P1.6 trillion, with net debt and equity ratios settling at 33 percent and 67 percent, respectively.
The holding firm reported a net income of P77 billion in 2023, up 25 percent from 2022's P61.7 billion, fueled by improved essential and discretionary spending.
SMIC shares fell by P26.50, or 2.8 percent, to P921 each on Wednesday amid a 0.61-percent rise in the benchmark Philippine Stock Exchange index.
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