SM Investments Corp. grew its profit last year by 53 percent to P61.7 billion from P40.4 billion in 2021.
“All of our business units delivered strong results, reflecting the Philippines’ economic recovery last year and the actions we took during the pandemic. We are stronger today having prioritized our people, our tenants, our business partners and our communities during the difficult times. SM also innovated and improved efficiencies across the board, and today we are focused again on expanding our footprint across the regions to serve more Filipinos,” said Frederic DyBuncio, SM Investments president.
Banking contributed 45 percent to net income with property accounting for 23 percent; retail, 21 percent and portfolio investments, the remaining 11 percent, DyBuncio said.
Revenues reached P553.8 billion, a 28 percent uptick from P432.4 billion the prior year.
SM Investments said its retail business under SM Retail Inc. reported profits of P17.9 billion, up 86 percent from P9.6 billion. Revenues rose 24 percent to P378.2 billion from P304 billion.
SM Prime Holdings Inc. reported a profit of P30.1 billion, up 38 percent from P21.8 billion in 2021. This was supported by P105.8 billion in consolidated revenues, which increased 29 percent from last year’s P82.3 billion.
BDO Unibank Inc. reported a profit growth of 33.41 percent at P57.1 billion from P42.8 billion, driven by robust growth across its core businesses. China Banking Corp. ’s consolidated net income grew 27 percent to P19.1 billion. Total revenues increased by 14 percent to P55.7 billion.
SM Investments closed the year with assets of P1.5 trillion, up 9 percent.
The company said it maintains a “healthy balance sheet” with a gearing ratio of 35 percent net debt to 65 percent total equity. – Ruelle Castro
