SM Investments net up 6% to P18.4B
SM Investments Corp. grew its first quarter profit by 6 percent to P18.4 billion from P17.3 billion, while revenues increased by 4 percent to P144 billion from P138.3 billion.
Banking accounted for 52 percent of reported net earnings from core businesses, followed by property at 29 percent, retail at 12 percent and portfolio investments at 7 percent.
“We continue to benefit from the country’s underlying economic growth and we adapt to reflect consumers’ evolving spending habits and priorities. Looking ahead, our outlook
remains cautiously optimistic and our expansion is on track,” said Frederic DyBuncio, SM Investments chief executive officer (CEO).
The group’s retail retail business posted profit of P3.1 billion over revenues of P93.8 billion.
The banking business under BDO Unibank Inc. posted profit of P18.5 billion, up 12 percent, with net interest income up 13 percent. Gross customer loans rose 13 percent.
Deposits grew 13 percent supported by low-cost Current Account/ Savings Account (CASA).
The other lending business under China Banking Corp. booked profit of P5.9 billion, up 18 percent, over net interest income of P15 billion. Gross loans grew 11 percent to P805
Billion The realty business, SM Prime Holdings Inc., posted profits of P10.5 billion over revenues of P30.7 billion.
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SMFB posts P10B profit
San Miguel Food and Beverage Inc. (SMFB) said first quarter profit hit P10 billion over revenues of P95.4 billion.
“Our solid performance in the first quarter demonstrates our strategic resilience and ability to adapt in a complex market landscape. We remain committed to leveraging our strengths to address challenges and continue delivering exceptional value to our stakeholders,” said Ramon Ang, SMFB CEO.
Ang said the first quarter marked a positive start for SMFB’s food business with sales up by 2 percent to P43 billion. The food business' operating income surged by 78 percent to P2.7 billion, buoyed by higher gross profits as key raw material prices eased and efficiencies at company-owned facilities improved.
Meanwhile, the poultry and animal nutrition and health businesses were stable with volume gains noted in poultry and strong performance from free-range fowl feeds.
The spirits business posted a 17 percent growth in revenues driven by an 8 percent increase in volumes and higher selling prices.
The beer business, SMFB’s crown jewel, posted revenues of P37.4 billion, down 3 percent due to reduced volume. “The first quarter of 2023 saw a build-up in trade in anticipation of a price increase effective March 2023,” the company said.
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Ayala Land earns P6.3B
Realtor Ayala Land Inc. said profit for the first quarter surged by 39 percent to P6.3 billion. Revenues grew 33 percent to P41 billion.
Property development revenues jumped by 47 percent to P25 billion. Residential revenues grew 51 percent to P21.4 billion. Commercial and industrial lot sales also rose by 59 percent to P2.8 billion while office-for-sale revenues hit P826 million, down 26 percent.
Residential reservation sales rose by 20 percent to P33.3 billion.
“The quarter’s sales performance translated to a monthly sales average of P11.1 billion – an acceleration from P9.5 billion in 2023,” the developer said.
Ayala Land launched four projects for the period worth P13.7 billion – Alveo’s Sereneo in Nuvali, Laguna; Caleia in Vermosa, Cavite; Amaia’s Scapes Rizal Sector 2B; and
Scapes San Fernando Sector 2 in Pampanga.
Meanwhile, the company’s leasing and hospitality business posted an 8 percent increase in topline to P10.9 billion. Shopping center revenues grew 9 percent to P5.5 billion, while office leasing improved by 5 percent to P3.1 billion. The hotel and resort revenues rose by 8 percent to P2.3 billion.
“Our first quarter performance reflects our commitment to delivering on our operational targets this year, focused on high-value market opportunities and our drive for quality,"
said Anna Ma. Margarita Bautista-Dy, Ayala Land CEO.
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JG Summit core profit up
JG Summit Holdings Inc. netted P11 billion in the first quarter of the year, over revenues of P96.7 billion.
The Gokongwei-led conglomerate said core profit surged by 213 percent to P12.6 billion, with all its units showing continued topline expansion.
“At the forefront of this was the higher plant utilization of the conglomerate’s petrochemical unit along with the steep upswing of its airline’s international operations,” JG Summit said.
“The increased capacity and improved efficiency of its airline, the record-breaking EBITDA of its property arm, and the growing volumes and sustained margin uplift of its food and beverage business set the baseline for the growth of JG Summit’s core net income,” it added.
JG Summit said this was supplemented by the P7.9 billion gain from the merger of the Bank of the Philippine Islands and Robinsons Bank.
