Inquirer
Consumer confidence drives up SMIC earnings to P20B
SM Investments Corp. (SMIC) reported a 9% increase in its net income, reaching P20.1 billion in the first quarter of 2025, driven by strong consumer confidence and decelerating inflation.
Consolidated revenues grew by 6% to P152.0 billion compared to the same period last year.
SMIC president and CEO Frederic DyBuncio attributed the positive performance to good consumer confidence and strategic positioning, supported by falling inflation.
Banking accounted for 51% of the quarter's net earnings, followed by property at 29%, retail at 14%, and portfolio investments at 6%.
SM Retail's net income expanded by 18% to P3.6 billion, with food retail revenue rising 8% and non-food retail revenue up 6%.
BDO Unibank Inc. saw its net income increase by 7% to P19.7 billion, and China Banking Corp. experienced a 10% rise in its net income to P6.5 billion.
Real estate giant SM Prime Holdings Inc. netted P11.7 billion during the period, up by 11% on higher gains from its malls.
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