SM Investments Corp. reported its profit last year grew 20 percent to P44.6 billion, from P37.1 billion in 2018, as revenues rose 12 percent to P501.7 billion, from P449.8 billion the previous year.
“We had a good year in 2019 with all our core businesses delivering strong revenue and profit growth. The Retail Group added over 400 stores nationwide whilst the Property Group sustained its growth momentum led by residential and commercial developments. The Banking Group had a particularly good year as net income improved,” said Frederic DyBuncio, SM Investments president.
“We are confident about the long term growth potential of the country and we will continue to expand. We are committed to maintain a strong balance sheet that gives us the financial flexibility to fend off short term risks and to take on opportunities that may come our way,” he added.
In the retail business, unit SM Retail Inc., which consists of the non-food arm The SM Store and other specialty stores and food arm M Markets, grew profit by 10 percent to P12.5 billion, as revenues increased 9 percent to P366.8 billion.
For the property development business, unit SM Prime Holdings Inc. posted profits of P38.1 billion, up 18 percent from P32.2 billion. Revenues grew 14 percent to P118.3 billion from P104.1 billion.
SM Prime’s mall revenues went up 8 percent to P57.8 billion, mainly driven by the 7 percent same-mall-sales growth across all mature malls. Its residential group, led by SM Development Corp., grew revenues by 24 percent to P45.2 billion due to higher construction accomplishments.
The lending business under BDO Unibank Inc. posted profits of P 44.2 billion, up 35 percent, while net interest income grew by 22 percent to P 119.9 billion. China Banking Corp. also increased its profit by 24 percent to P10.1 billion. Net interest income grew 14 percent to P26.1 billion on the back of a 13 percent increase in gross loans to P577.9 billion.
