SMIC nets P20.1B in Q1 2025

Sy-led SM Investments Corp. (SMIC) opened the year with a 9% growth in its bottom line, as the company reported strong consumer confidence as inflation continued to decelerate during the period.

SMIC said its consolidated net income increased to P20.1 billion in the first quarter, as consolidated revenues grew 6% to P152.0 billion from P143.7 billion the same quarter last year.

“Consumer confidence remains good and our businesses are well-positioned to serve in all categories. Positive sentiment is supported by falling inflation, which was at 1.4% in April,” SMIC president and chief executive officer Frederic DyBuncio said in an emailed statement.

“We continue to monitor uncertainties in the global macroeconomic environment, but remain positive about the Philippines. SM remains focused on serving and enabling our local customers and stakeholders,” he added.

The retail unit saw an 18% increase in its net income to P3.6 billion, as revenues were up 7% to P100.3 billion. Food retail revenues grew 8% to P61.5 billion, while non-food expanded 6% to P23.5 billion.

The banking units accounted for 51% of the reported net earnings of SMIC for the quarter. BDO Unibank Inc. increased its net income to P19.7 billion from P18.5 billion, while China Banking Corp. increased by 10% to P6.5 billion.

The property unit SM Prime Holdings reported an 11% jump in its reported net income to P11.7 billion, as revenues rose 7% to P32.8 billion.

SMIC chairman and independent director Amando Tetangco Jr. earlier said the company will focus on remaining agile, even as the country’s fundamentals remain sound amid the ongoing global tensions brought about by the tariffs announced by US President Donald Trump. —AOL, GMA Integrated News