SM Investments Corp. said profit for the first half of the year reached P20.1 billion, up 183.1 percent percent from P7.1 billion last year.
Revenues hit P193.5 billion, up 4 percent from P185.5 billion last year.
“Banking accounted for 58 percent of SM’s reported net earnings from core businesses, followed by property at 28 percent and retail at 14 percent,” the company said.
“Our businesses continued to perform resiliently, recovering well as conditions allowed. Our banking and residential businesses performed well as we also continued to invest in long term expansion with new stores, bank branches, residential project launches and investments in malls, as well as taking a majority stake in 2GO in our equity investment portfolio,” added Frederic C. DyBuncio, SM Investments president.
SM Retail posted profit of P3.6 billion, up 589.66 percent from P522 million last year.
Revenues reached P138.2 billion, slightly lower than P139.2 billion in the previous year.
Property business under SM Prime Holdings Inc. posted profit of P11.6 billion, up 12 percent from P10.4 billion last year. Revenues reached P41.1 billion, down 6 percent from P43.7 billion in 2020.
BDO Unibank Inc. posted profit of P21.4 billion, up 405.88 percent from P4.25 billion last year.
SM Investments closed the period with assets of P1.3 trillion. Gearing ratio stood at 39 percent net debt to 61 percent equity.
