PR Newswire
03 Aug 2022, 17:39 GMT+10
PASAY CITY, Philippines, Aug. 3, 2022 /PRNewswire/ -- SM Investments Corporation reported its consolidated net income increased 27% to PHP25.5 billion in the January to June period from PHP20.1 billion in the same period last year.
Consolidated revenues rose 23% to PHP238.5 billion in the first half from PHP193.5 billion in the same period last year.
"Our financial performance was led by strong consumer spending across all categories and formats of our retail business and the return of crowds in malls. Despite rising inflation, we are encouraged to see shoppers' robust spending in the first half. This is a bright spot in the Philippines and in the region amid global headwinds," said Frederic C. DyBuncio, SM Investments Corporation President and Chief Executive Officer.
Consumers are back to safe shopping in SM stores which drove up retail growth. Further supporting this growth are SM Retail's efficient operations and strategic expansion.
SM Retail reported revenues ofPHP163.7 billion, higher by 18% from PHP138.2 billion in the same period last year.
This revenue growth is driven by higher foot traffic in retail stores and malls as well as renewed vigor in shopping for fashion-related items in the department stores. The larger food retail formats also benefitted from higher foot traffic in malls.
Retail net incomewas higher by 91% to PHP7.0 billion from PHP3.6 billion in the previous period, benefitting from cost reductions and efficiencies across all formats.
"This consumer-driven momentum brings more optimism moving forward as we keep innovating on our retail offerings to ensure an excellent shopping experience for the Filipino consumer," Mr. DyBuncio said.
Read more here.
SM Investments Corporation is a leading Philippine company that is invested in market-leading businesses in retail, banking and property. It also invests in companies that capture high growth opportunities in the emerging Philippine economy.
SM Retail is the country's largest and most diversified with its food, non-food, and specialty retail stores. SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels, and convention centers as well as tourism-related property developments. In banking, BDO Unibank, Inc. is the country's largest bank and China Banking Corporation, the 6th largest bank.
SOURCE SM Investments Corporation
Get a daily dose of Asia Pacific Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Pacific Star.
More InformationTAIPEI, Taiwan: Taiwan and the United States are set to sign the first deal under a new trade framework, marking ...
LAHORE, Pakistan - On Saturday, an anti-terrorism court acquitted Pakistan Tehreek-e-Insaf (PTI) leader Yasmin Rashid of an attack on the ...
TOKYO, Japan - The Japanese government has suspended official development aid for the Yangon-Mandalay Railway Development Project, a long-standing symbol ...
KATHMANDU, Nepal - A Malaysian mountaineer narrowly survived after a Nepali sherpa guide hauled him down from below Mount Everest's ...
TOKYO, Japan: To counter the declining national birthrate, Japan's Prime Minister Fumio Kishida pledged to double spending over the next ...
PYONGYANG, North Korea: North Korea attempt failed to launch a satellite on May 31, which prompted raid sirens and a ...
NEW YORK, New York - U.S. stocks were directionless Tuesday as investors had little to digest ahead of next week's ...
MENLO PARK, California: Facebook parent Meta has said that under a trial that could last through the end of June, ...
WASHINGTON D.C.: The Biden administration is expected to approve a deal allowing General Electric to assemble jet engines in India ...
TAIPEI, Taiwan: Taiwan and the United States are set to sign the first deal under a new trade framework, marking ...
NEW YORK, New York - U.S. stocks started the week under pressure on Monday. "Markets are catching their breath after ...
NEW YORK CITY, New York: A JPMorgan Chase & Co spokesperson has confirmed that as part of the bank's efforts ...