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 Kuala Lumpur Times 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 Kuala Lumpur Times.
More InformationLOS ANGELES, California: During a meeting that was disrupted by protesters this week, the Los Angeles City Council voted to ...
WASHINGTON D.C.: The U.S. Justice Department announced this week that former Puerto Rico governor Wanda Vazquez has been arrested in ...
OTTAWA, Ontario: Military trainers from Canada will head to the United Kingdom to teach Ukrainians new techniques for fighting the ...
SANYA, China: Following a Covid lockdown, some 80,000 tourists cannot leave the southern Chinese beach resort of Sanya. The restrictions ...
SANTA BARBARA, California - Australian singing sensation and actress Olivia Newtown-John has died at the age of 73."Dame Olivia Newton-John ...
DEATH VALLEY NATIONAL PARK, California: Record rainfall on August 5 caused floods at Death Valley National Park that closed all ...
KUALA LUMPUR, Malaysia - After almost four years, the Bangladesh High Commission in Malaysia on Tuesday welcomed the first group ...
BIRMINGHAM, UK - Arshad Nadeem was hailed by the entire country late Sunday for his outstanding performance in the Commonwealth ...
YANGON, Myanmar - According to the ruling military administration, a Japanese journalist detained in Myanmar has been charged with violating ...
SANYA, China: Following a Covid lockdown, some 80,000 tourists cannot leave the southern Chinese beach resort of Sanya. The restrictions ...
DHAKA, Bangladesh - On Sunday, China pledged to assist Bangladesh in repatriating thousands of Rohingya refugees to Myanmar.Bangladesh Foreign Minister ...
ABU DHABI, UAE - The UAE plans to invest $1 billion in Pakistani companies across multiple sectors, according to the ...