THE SM Investments Corporation said that they had a 30 percent growth in its bottom line in the first nine months of 2023.

The Sy-led conglomerate this is because of the strong consumer demand during the period.

According to a disclosure at the Philippine Stock Exchange, SM Investments said that they had  a net income of P55.9 billion for the January–September period.

This is up 30% from P42.9 billion booked in the same period last year.

On the other hand, the company’s consolidated revenues for their businesses reached P440.4 billion, up 15% from P382 billion year-on-year.

“Our ongoing healthy growth reflects buoyant consumer activity in malls and sustained spending in discretionary retail categories,” said SM Investments president and chief executive officer Frederic DyBuncio.

“We look forward to the fourth quarter while continuing to monitor the impact of food prices and interest rates on consumer wallets,” he added.

The SM Investments also said that based on the figures, the retail business accounted for 18% of its total net earnings during the period.