SM Investments grows 25%

- Advertisement -

SM Investments Corp. said it grew its profit by 25 percent to P77 billion last year from P61.7 billion in 2022.

Revenues increased 11 percent to P616.3 billion from P553 billion.

Frederic DyBuncio, SM Investments chief executive officer, said a driver of the growth was the “healthy spending patterns of Filipino consumers in both essential and discretionary purchases, particularly in fashion, dining and entertainment.

- Advertisement -

Banking business contributed 47 percent; property  25 percent; retail, 19 percent and; portfolio investments, 9 percent.

SM Retail Inc. posted profit of P19.9 billion, up 11 percent over revenues of P415 billion, a 10 percent hike.

SM Prime Holdings Inc  posted profit of P40 billion, up 33 percent from P30.1 billion the prior year. Revenues were at P128.1 billion, up 21 percent from P105.8 billion.

The mall business, which accounts for 56 percent of consolidated property revenues, grew 30 percent in revenues to P71.9 billion compared to P55.4 billion in 2022. The residential segment of the business under SM Development Corp. (SMDC)  posted revenues of P43.1 billion, up 8 percent with reservation sales at P102 billion.

Other key businesses, consisting of offices, hotels, and convention centers, reported an increase of 26 percent in revenues to P13.1 billion.

BDO Unibank, Inc. recorded profit of P73.4 billion, up from P57.1 billion in 2022. Net interest income grew to P186.4 billion as gross customer loans grew by 9 percent to P2.85 trillion. China Banking Corp. posted profit of P22 billion, up 15 percent from 2022. Net interest income grew 17 percent to P53.5 billion. Gross loans grew 10 percent to P791 billion, with the share of consumer loans to the total loan portfolio at 23 percent.

SM Investments’ share of profit in its portfolio investments grew 6 percent driven by buoyant passenger volumes in 2GO’s shipping business, the leisure and entertainment business of Belle Corp., and growth in Goldilocks Bakeshop.

Author

- Advertisement -

Share post: