SM Investments Corp. grew its profit in the first quarter of the year to P12 billion, up 27 percent from P9.5 billion last year.
Revenues were at P112.1 billion, up 16 percent from P96.9 billion.
“Our financial performance in the first quarter showed continued recovery momentum with accelerating revenue and net income growth. As a group we are delivering pre-pandemic performance, with strong recovery continuing in our businesses that were hardest hit by the pandemic. While there are still headwinds from geopolitical risks, we continue to see consumer confidence gaining momentum,” said Frederic DyBuncio, SM Investments president.
Banks accounted for 49 percent of SM Investments’ profit, followed by its real estate business at 29 percent and retail at 16 percent. Portfolio investments contributed 6 percent.
“Our portfolio investments provide us good growth opportunities as we continue to look for further investments in high growth areas in the Philippines,” DyBuncio said.
In the property business, SM Prime Holdings Inc. (SM Prime) reported profit of P7.4 billion, up 15 percent from P6.5 billion, on the back of a 15 percent increase in revenues at P23.9 billion, from P20.8 billion.
SM Prime’s mall business posted P8.2 billion in revenues, a 40 percent uptick. The residential business meanwhile posted revenues of P12 billion, flat from last year. SM Prime’s offices, hotels and convention centers meanwhile posted revenues of P2 billion, a 30 percent increase.
The banking business under unit BDO Unibank Inc. posed profit of P11.7 billion, up 13 percent. Loan portfolio was up 7 percent to P2.4 trillion. Deposits hit P2.8 trillion driven by an 11 percent increase in Current Account/Savings Account (CASA) deposits, comprising 86 percent of total deposits. Net interest income hit P33.9 billion, up 6 percent.
China Banking Corp. (China Bank) posted profit of P4.9 billion, up 37 percent. Net interest income was at P10.8 billion, up 15 percent.
SM Investments’ retail business recorded revenues of P74.5 billion, up 6 percent. SM Investments noted that its overall retail revenues are 94 percent of pre-pandemic revenues. Specialty stores revenues were up 11 percent. Food retail remained stable, it said.
