SM Investments Corp. (SMIC) on Wednesday reported a 7-percent increase in first-quarter 2025 net income to P21.5 billion from P20.1 billion a year earlier and also underscored a focus on financial resilience and disciplined growth amid ongoing geopolitical and economic volatility.
“What we are just trying to say is that through thick and thin — this country has gone through so many upheavals... we’re sticking to the guns that we know how to operate,” SMIC Chairman Amando Tetangco Jr. said during the company’s annual stockholders’ meeting.
The Sy family-led conglomerate said it was prioritizing stability and flexibility in an increasingly uncertain global environment while maintaining its long-term investment strategy.
“There are shocks to the economy. There will be shocks to world events. But what we’re saying is we’re staying the course,” said Tetangco, a former governor of the Bangko Sentral ng Pilipinas.
He said SM’s approach was anchored on a strong balance sheet, diversified businesses and consistent cash flows from recurring income streams, allowing the conglomerate to remain flexible amid volatility.
“We also recognize that today’s environment is less about temporary shocks and more about recurring volatility,” Tetangco added. “Resilience is built ahead of time, not in the middle of disruption.”
Despite ongoing geopolitical uncertainties and economic headwinds, the company reported that first quarter revenues went up 5 percent to P159.4 billion from P152.0 billion.
“The first quarter continued to deliver good results for us, especially in retail,” SM President and CEO Frederic DyBuncio said, noting that the group remained mindful of external challenges.
Banking was still the largest contributor to earnings, accounting for 49 percent of total net income, followed by property at 28 percent, retail at 15 percent, and portfolio investments at 8 percent.
Consumer spending proved resilient as retail operations through SM Retail Inc. saw net income climb 13 percent to P4.1 billion in the quarter, with brisk sales seen at department stores amid seasonal demand, including graduation-related spending.
Portfolio investments also provided incremental growth as Atlas Consolidated Mining and Development Corp. benefited from higher copper prices, while 2GO Group Inc. recorded gains in its logistics and travel businesses and Goldilocks Bakeshop Inc. saw stronger demand.
SM said its diversified earnings base and recurring income streams continued to support performance across business cycles.
Total assets stood at P1.8 trillion as of end-March, with a capital structure of 30 percent net debt and 70 percent equity.
Separately, SM said it raised dividend payments by 31 percent to P17 per share from P13 previously, reflecting strong cash generation, with total dividends rising to P20.7 billion from P16.0 billion in 2025, marking the fifth consecutive year of increases.
Shareholders on record as of May 14 will receive their dividend payments on May 28.
SM Investment shares on Wednesday were unchanged at P620.00 each amid a 0.7-percent uptick for the benchmark Philippine Stock Exchange index.
