SM Investments Corp. (SMIC), the conglomerate led by the Sy Family, capped 2024 with a solid performance, posting a seven percent increase in consolidated net income to P82.6 billion from P77 billion in 2023, driven by broad-based growth across its core businesses.

The company reported on Friday that its revenues also rose six percent to P654.8 billion from P616.3 billion.

“We ended 2024 with a strong performance, despite the high base of 2023 and inflationary headwinds during the year. Our core businesses all grew, supported by positive macroeconomic fundamentals and healthy consumer sentiment,” SMIC president and CEO Frederic C. DyBuncio said.

According to DyBuncio, the fourth quarter saw the strongest revenue growth at 9.4 percent, setting the stage for solid momentum in 2025.

Biggest income driver

Banking remained the biggest income driver at 49 percent, with property contributing 26 percent, retail at 18 percent, and portfolio investments at 7 percent.

SM Retail’s net income rose to P20.9 billion, while revenues grew 5 percent to P434.5 billion. Food retail led the gains with an 8 percent increase, driven by store expansions and stronger customer engagement. Specialty stores grew 3 percent, while department stores held steady.

Strong discretionary spending

“In retail, discretionary spending remained strong throughout the year, particularly in branded fashion, health and beauty and household appliances. Meanwhile, food retailing gained momentum across all formats in the fourth quarter as inflation tapered,” DyBuncio said.

SM Prime saw profits climb 14 percent to P45.6 billion, fueled by higher rental income, real estate sales and services. Revenues grew 10 percent to P140.4 billion, with malls remaining the biggest contributor at 55 percent, followed by residential projects, hotels, offices and warehouses.

Loan growth, higher deposits

BDO Unibank’s net income rose 12 percent to P82 billion, driven by solid loan growth and higher deposits. China Bank also posted strong results, with earnings up 13 percent to P24.8 billion as revenues surged 21 percent.

Portfolio investments delivered steady gains, led by the Philippine Geothermal Production Company, NEO and Belle Corp.

SM Investments continued its expansion, adding 619 retail stores, two malls and 73 bank branches, with over 85 percent of new locations in the provinces. Total assets increased 7 percent to P1.7 trillion, while the group maintained a net debt-to-equity ratio of 31:69.