Favorable macroeconomic environment boosted SM Investments Corporation’s (SM Investments) net income in the first six months this year to P42.6 billion, up by six percent.

The listed firm, in a disclosure with the Philippine Stock Exchange (PSE), posted P319.2 billion consolidated revenues as of end-June this year.

“We continue to see steady growth across our core businesses, supported by favorable macroeconomic conditions in the Philippines,” SM Investments president and chief executive officer Frederic DyBuncio said in a briefing Wednesday.

“The Philippine economy was steady at 5.4 percent growth in the first quarter, while inflation has eased to its lowest level since 2019, creating a more supportive environment for both corporates and consumers. Despite global trade uncertainties, overall sentiment remains positive, and we share that optimism for the remainder of the year,” he said.

The company said banking accounted for half of the company’s net earnings in terms of first half of the year.

“Bank lending remains strong, and consumer spending in our malls and retail stores continues to rise,” DyBuncio said.

Property is the second contributor to the jump in income, accounting for 28 percent of the total, trailed by the retail at 15 percent and portfolio investments at 7 percent.

Specifically, net income of SM Retail rose 10 percent to P8.4 billion, BDO Unibank Inc. by 3 percent to P40.6 billion, and SM Prime Holdings, Inc. (SM Prime) by 11 percent to a record-high P24.5 billion.

PNA PHOTO