MANILA, Philippines — SM Investments Corp. (SMIC), the listed conglomerate of the Sy family, grew its first half net income by nine percent to P18.1 billion.

The listed giant which has interest in banks, shopping malls, supermarkets, hotels and condominiums, registered P204.9 billion in revenues, up 12 percent year-on-year.

“We are encouraged by the results of the first half, driven by the strong performance of retail and property, particularly the residential business. Our results show the strength of the economy and consumer sentiment, but we remain vigilant about inflationary pressures. We are optimistic that consumption will remain resilient,” SM president Frederic DyBuncio said.