PASAY CITY, Philippines , Aug. 7, 2024 /PRNewswire/ -- SM Investments Corporation (SM Investments) reported a 10% increase in consolidated net income in the first half of 2024 to PHP40.2 billion , up from PHP36.
5 billion in the same period last year. This reflected a 13% growth in net income in the second quarter, reaching PHP21.8 billion .
Consolidated revenues rose by 5% in the first half to PHP 301.4 billion from PHP286.7 billion year-on-year.
Second quarter revenues grew by 6% to PHP157.7 billion . "SM's double digit growth in the first half results reflects a positive environment for our businesses.
Improved discretionary spending in the second quarter lifted retail sales, while our banks, property and portfolio investments continued to deliver. We remain cautiously optimistic for the balance of the year," said SM Investments President and Chief Executive Office Frederic C. DyBuncio.
Of total net earnings, banking accounted for the largest share at 50%. Property contributed 27% while retail accounted for 14% and portfolio investments' share was at 9%. "We were also pleased with the demand and positive feedback on our recent maiden Euro Medium-Term Notes issuance, highlighting the quality of our financials and investability of strong Filipino companies," Mr.
DyBuncio added. On July 18 , SM Investments priced a USD500 million drawdown from its USD3 billion EMTN program, now listed on the Singapore Exchange Securities Trading Limited. The issuance, which was 3.
2x times over.