Philippine conglomerate SM Investments is seeing steady gains after the company reported a net income of US$1.07 billion (Php60.9 billion) for the first nine months of this year, a 9 per cent increase from $1 billion (Php55.9 billion) in the same period last year. 

Revenue rose by 5 per cent to $8.05 billion (Php462.5 billion).

Banking made up the largest share of profits at 50 per cent, followed by property at 27 per cent and retail at 15 per cent. Despite seeing a slight decline in net income to $224 million (Php12.8 billion), retail showed resilience with a 4 per cent revenue increase, amounting to $5.27 billion (Php301.8 billion).

Department stores maintained strong margins, food retailing saw a 7 per cent revenue boost, and specialty health, beauty, and fashion stores performed well.

Meanwhile, property arm SM Prime achieved a 12 per cent increase in net income, reaching $596 million (Php33.9 billion), with revenues up 8 per cent to $1.75 billion (Php99.8 billion).

Frederic DyBuncio, president and CEO of SM Investments, said the company is optimistic as inflation eases. 

“An improving macroeconomic environment should help both our businesses and consumers moving forward,” he concluded.

In total, SM Investments’ assets grew to $29.8 billion (Php1.7 trillion), with a conservative debt-to-equity ratio of 32 per cent to 68 per cent.