MANILA - SM Investment Corp on Wednesday said its consolidated net income rose 27 percent to P25.5 billion in the first half of 2022 due to strong consumer spending across all segments of its retail businesses.

Consolidated revenue also increased by 23 percent to P238.5 billion in the first half from P193.5 billion in the same comparable period, the Sy-led group told the stock exchange.

"Our financial performance was led by strong consumer spending across all categories and formats of our retail business and the return of crowds in malls," SM Investments Corp president and CEO Frederic DyBuncio said.

"Despite the rising inflation, we are encouraged to see shopper's robust spending in the first half. This is a bright spot in the Philippines and in the region amid global headwinds," he added.

In terms of earnings, SMIC said banks accounted for 48 percent, property at 26 percent, retail at 20 percent and portfolio investments at 6 percent.

Malls under SM Retail, SM Prime Holdings Inc, and BDO Unibank, among others, are part of the SMIC portfolio.

Retail stores were among the hardest-hit by the mobility restrictions imposed to curb the spread of COVID-19.

But with the easing of restrictions, analysts said consumers engaged in "revenge spending" both online and in physical stores.

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