SY-LED SM Investments Corp. (SMIC) recorded a 30% jump in its nine-month consolidated net income led by higher revenues across its various businesses.

In a regulatory filing on Wednesday, SMIC said its net income during the three quarters rose to P55.9 billion from P42.9 billion a year ago.

The company’s nine-month consolidated revenues climbed 15% to P440.4 billion from P382.0 billion in the same period last year.

“Our ongoing healthy growth reflects buoyant consumer activity in malls and sustained spending in discretionary retail categories,” SMIC President and Chief Executive Officer Frederic C. DyBuncio said.

“We look forward to the fourth quarter, while continuing to monitor the impact of food prices and interest rates on consumer wallets,” he added. 

Among business segments, SMIC said its banking unit accounted for the largest share of earnings at 47%, followed by its property unit at 26%, retail unit at 18%, and portfolio investments at 9%.

“Total assets of SMIC increased 4% to P1.5 trillion. Gearing ratio remained conservative with 35% net debt to 65% equity,” the company said.

SMIC’s banking unit, BDO Unibank, Inc., earned P53.9 billion during the January-to-September period, higher than the P40 billion net income last year due to “broad-based growth across its core businesses.”

BDO’s net interest income rose to P137.4 billion, with customer loans surging 7.5% to P2.7 trillion and deposits increasing by 12% to P3.4 trillion.

“Net interest income grew by 16% to P39.2 billion as the 44% surge in top line revenues cushioned the nearly triple increase in interest expense,” SMIC said.

Retail unit SM Retail posted a 19% growth in its nine-month net income to P13.7 billion. Retail revenues rose 12% to P290.6 billion from P258.4 billion.

Same-store sales for the department store and specialty retail businesses grew 18% and 9%, respectively, SMIC said, describing the growth as “reflective of strong consumer spending in key categories, while store expansion also buoyed growth.” 

“Food retail performance remained positive, supported by volume growth and expansion,” it added.

SMIC’s property unit SM Prime Holdings, Inc. posted a 37% increase in nine-month net income to P30.1 billion from P22 billion last year.

SM Prime’s consolidated revenues rose 26% to P92.6 billion from P73.7 billion a year ago led by its mall business, which accounted for 57% of the total.

Meanwhile, SMIC said its portfolio investments also “continued to sustain growth.”

“Philippine Geothermal Production Co. and NEO, SMIC’s office portfolio, contributed significantly to net income,” SMIC said.

Some of the company’s other portfolio investments are in mining firm Atlas Consolidated Mining and Development Corp., real estate developer Belle Corp., and local bakeshop Goldilocks.

Shares of SMIC at the local bourse dropped P10 or 1.21% to P819 apiece on Wednesday. — Revin Mikhael D. Ochave