Strong retail activity ups SM’s H1 net income


August 4, 2022

SM Investments Corporation reported its consolidated net income increased 27 percent to P25.5 billion in the January to June period from P20.1 billion in the same period last year.

Consolidated revenues rose 23 percent to P238.5 billion in the first half from P193.5 billion in the same period last year.

“Our financial performance was led by strong consumer spending across all categories and formats of our retail business and the return of crowds in malls. Despite rising inflation, we are encouraged to see shoppers’ robust spending in the first half. This is a bright spot in the Philippines and the region amid global headwinds,” said Frederic C. DyBuncio, SM Investments Corporation president and chief Executive officer.

Regarding net earnings, banks accounted for 48 percent, followed by property at 26 percent, retail at 20 percent, and portfolio investments at six percent.


Consumers are back to safe shopping in SM stores, driving up retail growth. Further supporting this growth are SM Retail’s efficient operations and strategic expansion.

SM Retail reported P163.7 billion revenues, higher by 18 percent from P138.2 billion in the same period last year.

This revenue growth is driven by higher foot traffic in retail stores and malls and renewed vigor in shopping for fashion-related items in the department stores. The larger food retail formats also benefitted from increased foot traffic in malls.

Retail net income was higher by 91 percent to P7.0 billion from P3.6 billion in the previous period, benefitting from cost reductions and efficiencies across all formats.

“This consumer-driven momentum brings more optimism moving forward as we keep innovating on our retail offerings to ensure an excellent shopping experience for the Filipino consumer,” DyBuncio said.

In the six months ended June 2022, SM Retail and its affiliates added 147 stores. This brought total stores to 3,336, which include 69 SM Stores, 1,543 Specialty Retail, 62 SM Supermarket, 52 SM Hypermarket, 214 Savemore, 1,320 Alfamart and 75 WalterMart stores.


SM Prime Holdings Inc. (SM Prime) reported a 21 percent increase in consolidated net income to 14.1 billion from 11.6 billion in the same period last year. This is supported by a 13 percent increase in consolidated revenues to 46.3 billion from 41.1 billion.

SM Prime’s Philippine mall revenues, which account for 44 percent of consolidated revenues, grew 92 percent to P20.6 billion from P10.7 billion. Mall rental income rose 80 percent to P18.6 billion from P10.3 billion.

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