SM Investments earns 9% more in 9 months

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November 12, 2026 | 12:00am

MANILA, Philippines — SM Investments Corp., the parent company of the Sy family’s SM Group, saw its profit rise by nine percent to P70.2 billion in the first nine months, as resilient consumer demand supported the continued growth of its various businesses.

Banking accounted for 48 percent of its consolidated net income during the nine-month period, followed by property (26 percent), retail (15 percent) and portfolio investments (11 percent).

Revenues from January to September reached P506.8 billion, up by five percent from last year’s P482.3 billion.

“Ongoing resilient consumer demand supported retail and malls, while portfolio investments delivered stronger earnings,” SM Investments president and CEO Frederic DyBuncio said.

SM Retail registered a net income of P13.1 billion, seven percent higher year-on-year, as revenues jumped by 5.4 percent to P335.3 billion.

Continued demand for everyday essentials drove steady sales growth for food retail across its supermarket and minimart formats, while specialty retail recorded higher sales on the back of demand for power-source alternatives and spending on selected discretionary categories, particularly toys, stationery and pet products.

Revenues from the group’s mall business likewise expanded by 10 percent to P63.7 billion, driven by an increase in leasable space, higher occupancy and strong demand for dining and experiential offerings.

BDO Unibank’s loan portfolio grew by 16 percent, with double-digit increases across all segments, while China Banking Corp. reported a 19-percent jump in net loans.

The group’s portfolio investments, meanwhile, accounted for 11 percent of consolidated net income, led by a turnaround in Atlas Consolidated Mining and Development Corp. as higher copper prices supported earnings.

2GO Group Inc. recorded revenue growth of 15 percent, fueled by strong performance across its businesses, particularly sea travel and container services, while Philippine Geothermal Production Co. Inc.’s 13 percent higher revenues were driven by higher steam prices which track the Wholesale Electricity Spot Market.

SM Investments said the group’s businesses are largely in sectors that deliver strong, predictable cash flows.

Over 60 percent of the parent’s annual cash flows come from non-listed businesses, including SM Retail, in addition to dividends regularly received from listed subsidiaries.

The company said all established businesses fund their own operations and expansion plans and do not require funding from the parent.

With a strong balance sheet and reliable cash generation, SM Investments seeks to increase its returns to shareholders through higher dividends and an active share buyback program.

“At the parent, we continue to allocate capital carefully and maintain the financial capacity to invest for the long term,” DyBuncio said.