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Richmond Mercurio - The Philippine Star
February 17, 2025 | 12:00am
SMIC chairman Amando Tetangco Jr. said in a recent interview that the company posted a “strong” growth for both its net income and revenues last year.
STAR / File
MANILA, Philippines — SM Investments Corp. (SMIC), the investment holding company of the Sy family, sees profit growth continuing this year after recording a robust performance in 2024.
SMIC chairman Amando Tetangco Jr. said in a recent interview that the company posted a “strong” growth for both its net income and revenues last year.
SMIC has yet to release its full year 2024 financial results, but its net income for the nine-month period ending September last year rose by nine percent to P60.9 billion as revenues expanded by five percent to P462.5 billion.
For this year, Tetangco said SMIC expects the upward trajectory to continue.
“So we’ll continue to grow in 2025. As many sectors predict, there’s likely going to be an acceleration of GDP growth. But together with that, the economy is going to expand as well. And businesses will grow along with that,” he said.
Tetangco, however, said the group is still keeping a “cautiously optimistic” stance, acknowledging that there are still some challenges ahead.
“Of course, we still have to deal with inflation. That’s affecting consumer behavior. But, it’s now under control. If you look at inflation, it’s within the Bangko Sentral ng Pilipinas target range now. So it’s well controlled. That’s a good sign. So that will be positive also for growth in consumer spending,” Tetangco said.
“What usually happens is when you have relatively high prices, there’s a shift to essentials. So there’s less focus on non-essentials. When inflation is lower, then non-essentials would go up as well together with the essentials. That would be good for business,” he said.
Over the long term, SMIC is also confident on its growth trajectory as the group expects to remain resilient amid growing synergies across its business.
On top of synergies across its business segments, SMIC’s optimism in its sustained long-term growth is fueled by a resilient consumption-led economy and strong consumer fundamentals.
Aside from market-leading businesses in retail, banking and property, SMIC also invests in ventures that capture high growth opportunities in the emerging Philippine economy.
The group’s strong ecosystem spanning retail, banking and property enables it to navigate challenges while delivering long-term value.
SMIC is expected to spend as much as P115 billion again for its capital expenditures this year to support its growth initiatives.
