Conglomerates SMIC, Ayala reported strong Q1 profits

By Jenniffer B. Austria

CONGLOMERATES SM Investments Corp. and Ayala Corp. reported double-digit growth in first-quarter net income on the back of the recovery of banking, property and retail sectors. SMIC said net income climbed 33 percent in the first quarter to P17.3 billion as consolidated revenues rose 21 percent to P138.2 billion from P113.8 billion.

“This year has started well, continuing the strong momentum of 2022. We are well positioned for continued growth and prepared for any macroeconomic uncertainties,” SMIC president and chief executive Frederic DyBuncio said.

The group’s banking business accounted for 47 percent of reported net earnings from core businesses, followed by property at 26 percent, retail at 17 percent and portfolio investments at 10 percent.

BDO Unibank Inc. reported first-quarter net income of P16.5 billion, up 41 percent from the same period last year, while property unit SM Prime Holdings Inc. registered a consolidated net income of P9.4 billion,