MANILA -- SM Investments said its net income climbed 7 percent to P82.6 billion in 2024, up from the P77 billion it made in 2023.

The Sy-led conglomerate said this is because all of their core businesses grew on the back of strong macroeconomic fundamentals and healthy consumer sentiment. 

SM Retail's net earnings climbed to P20.9 billion from P19.9 billion in 2023. Revenue also grew 5 percent to P434.5 billion.

The firm also noted that the food segment was one of the strong performers, with revenues growing 8 percent. Specialty stores' revenues also expanded by 3 percent.

Property arm SM Prime Holdings, meanwhile, saw its net income soar 14 percent to P45.6 billion. Malls accounted for 55 percent of revenues, while residences contributed 34 percent.

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Its banks BDO and Chinabank also saw their net profits grow--BDO's net profit increased by 12 percent to P82.0 billion, while Chinabank's went up to P24.8 billion.

SM said it grew by an additional 619 retail stores, two malls, and 73 bank branches in 2024. 

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