(9 August 2023, Pasay City, Philippines) SM Investments Corporation (SM Investments) reported a consolidated net income of PHP36.5 billion in the first six months, up 32% from PHP27.7 billion in the same period last year.

Consolidated revenues rose 18% to PHP286.3 billion in the January to June period from PHP242.6 billion in the same period last year.

“SM delivered strong results in the first half, driven by solid consumer sentiment on the back of a positive economic environment. Our performance was driven by fundamental demand, without the added benefit of post-pandemic ‘revenge spending’ that contributed to last year’s results. We experienced robust consumer confidence, consistent with the Philippines’ overall economic growth, record low unemployment and improving inflation environment. This provides us with a solid basis for the balance of the year, in which we typically see our strongest quarters,” SM Investments President and Chief Executive Office Frederic C. DyBuncio said.

Of total net earnings, retail accounted for 17%. Property contributed 26% while banking accounted for the largest share at 47% and portfolio investments contributed 10%.