SMIC reports 7% increase in net income to ₱82.6B

SM Investments Corporation (SMIC) reported a seven percent increase in consolidated net income to ₱82.6 billion for 2024, from ₱77 billion in 2023.

The company's banking, real estate, and retail divisions contributed significantly to the revenue growth of six percent to ₱654.8 billion, with SM Retail’s net income increasing by five percent to ₱20.9 billion.

SMIC President Frederic C. DyBuncio highlighted strong performance across all core businesses despite inflationary challenges, noting the food retail and specialty stores segments as particular standouts.

The board approved a ₱60 billion share buyback program, the first in SMIC's history, recognizing the undervaluation of its shares relative to historical multiples.

SM Prime Holdings saw net income soar 14 percent to ₱45.6 billion, with BDO and Chinabank also posting strong growth at 12 percent and 79 percent respectively.