PASAY CITY, Philippines, March 4, 2024 /PRNewswire/ — SM Investments Corporation (SMIC) reported its net income grew 25% to PHP77.0 billion in 2023 from PHP61.7 billion in 2022.
Consolidated revenues increased 11% to PHP616.3 billion from PHP553.0 billion last year.
“SM’s performance as a group last year reflected our ability to stay close to our customers and address their needs regardless of uncertain economic conditions,” said SM Investments President and Chief Executive Officer Frederic C. DyBuncio.
“A key success driver was the healthy spending patterns of Filipino consumers in both essential and discretionary purchases, particularly in fashion, dining and entertainment,” he added.
In terms of net income contribution, banking provided the largest share at 47%, while property accounted for 25%, retail contributed 19% and portfolio investments delivered 9%.
Retail
SM Retail Inc., which consists of grocery, department store and specialty retail, reported revenues of PHP415.0 billion, up 10% on consistent growth across key segments. Net income increased 11% to PHP19.9 billion.
As essential spending continued to be steady, revenues from SM’s Food Group (SM Markets, WalterMart and Alfamart) grew 7%, which contributed almost half of total retail revenue growth. With continuing efficiencies in operations, net income for the food segment increased 21%.
The SM Store revenues increased 16% and specialty retail revenues grew 11%, driven by spending on fashion, health and beauty, pets, toys and other discretionary items.
“This sustained growth is reflective of the spending power of Filipinos. Through our diverse range of brands, we cater to the many needs …