SM net income grows 50% in nine months

What: SM Investments Corporation reported a consolidated net income of PHP 42.9 billion in the first nine months of 2022, 50% higher than the same period last year.

Why it is important: SM Retail reported net income for the first nine months of 2022 at PHP 11.5 billion which has surpassed both 2019 and 2021 levels, with an increase of 138% compared to the first nine months of 2021.

Retail revenues grew 26% compared to 2021 as well as net income and revenues for speciality stores grew 139% and 35% respectively.

Portfolio companies accounted for 13% of reported net earnings while banking took the largest share at 45%, followed by property at 23%, and retail at 19%. Total assets were valued at PHP1.5 trillion.