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SM Investments net income surges 32 pct in first half

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="SM Megamall, the second largest shopping mall in the Philippines, is pictured at night. Photo from SM Supermalls Facebook page" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2019/business/01/18/sm-megamall.jpg"/><figcaption>SM Megamall, the second largest shopping mall in the Philippines, is pictured at night. Photo from SM Supermalls Facebook page</figcaption></figure></div>MANILA -- SM Investments said its consolidated net income surged 32 percent in the first six months of 2023.The company said their P36.5 billion net income from January to June was driven by solid consumer sentiment on the back of a positive economic environment. SM Investments said its retail arm&#x27;s net income grew by 21 percent to P8.4 billion. Revenue from department stores climbed 27 percent while specialty retail revenues went up by 18 percent. Food retail revenues, meanwhile, grew 10 percent.The company also said its convenience store Alfamart&#x27;s revenues grew 26 percent in the first half.SM Prime Holdings also saw its consolidated net income reach P19.4 billion in the first half of 2023, up 38 percent from the same period in 2022.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/07/23/sm-prime-books-p194-b-net-income-in-first-half-up-38-pct">SM Prime books P19.4-B net income in first half, up 38 pct</a></li></ul>BDO Unibank&#x27;s net income also climbed to P35.2 billion from January to June.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/31/23/bdo-first-half-net-income-reaches-p352b">BDO first half net income reaches P35.2 billion</a></li></ul>China Bank Corporation on Thursday said its net income reached P10.8 billion in the first half.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/03/23/china-bank-net-income-reaches-p108b-in-first-half-of-2023">China Bank net income reaches P10.8B in first half of 2023</a></li></ul>SM Investments also said their assets increased 2 percent to P1.5 trillion.&quot;Our performance was driven by fundamental demand, without the added benefit of post-pandemic ‘revenge spending’ that contributed to last year’s results,&quot; president and chief executive office Frederic DyBuncio said.

SM Investments said its consolidated net income surged 32 percent in the first six months of 2023.