By Jenniffer B. Austria The largest conglomerates in the Philippines stay bullish about the prospects for the second half of
The largest conglomerates in the Philippines stay bullish about the prospects for the second half of 2023 as core businesses delivered strong results despite market headwinds.
SM Investments Corp. reported a 32-percent growth in consolidated net income to P36.5 billion in the first six months of 2023. GT Capital Holdings Inc. logged a double-digit growth in first-half net income to P13.4 billion, while JG Summit Holdings Inc. posted a seven-fold increase in core net income to P9.5 billion.
Daniels said with the school opening moved to the third quarter, this would further boost the group’s second-half earnings. He said consumer discretionary spending seen in the first half of 2023 looked sustainable going into second half. “There are things to watch, it is never a slam-dunk, but we are coming into the second half of pretty robust position,” Daniels said.
“We continue to be bullish on our operating companies, the bank and also for Toyota Motor Philippines and Federal Land,” Suarez said in a recent investor conference organized by the Philippine Stock Exchange and Bloomberg. As the group has enough cash to support operations, GT Capital said it would continue paying down debt and retire perpetual preferred shares due in the third quarter of the year.
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