SM Investments Corp. recorded a 65- percent increase in profit in 2021 to P38.5 billion from P23.4 billion in 2020 on revenues of P428.1 billion, up 9 percent from P394.2 billion.
“We saw a rebound in consumer spending in the run up to Christmas as restrictions across the country eased. This led to improved performance in our retail and mall units as our banks continued to deliver solid results,” said Frederic DyBuncio, SM Investments president.
The banking business contributed 51 percent to profit with property accounting for 25 percent, retail contributing 17 percent and portfolio investments the remaining 7 percent.
“We believe our portfolio investments have strong assets, synergies with our core businesses and enormous long-term growth potential,” DyBuncio said.
Among its portfolio investments, SM increased its ownership in Goldilocks Bakeshop Inc. to 74 percent and 2GO Group, Inc. to 53 percent in 2021.
The retail business under SM Retail Inc., which consists of food and non-food stores, posted profit of P9.6 billion, up 133 percent from P4.1 billion. Revenues reached P303.9 billion, up 2 percent from P296.8 billion.