SM Investments Corporation posted a consolidated net income of PHP82.6 billion in 2024, up 7% from PHP77.0 billion in 2023, while consolidated revenues grew 6% to PHP654.8 billion.
“We ended 2024 with a strong performance, despite the high base of 2023 and inflationary headwinds,” said Frederic C. DyBuncio, SM Investments president and CEO. “The fourth quarter registered the highest revenue growth rate of 9.4%, giving us solid momentum into 2025.”
Banking contributed the largest share of total net income at 49%, followed by property at 26%, retail at 18% and portfolio investments at 7%.
SM Retail posted a net income of PHP20.9 billion, up from PHP19.9 billion, with revenues growing 5% to PHP434.5 billion. The food retail segment led with 8% revenue growth, driven by expanded store networks and improved customer engagement.
SM Prime Holdings reported a consolidated net income of PHP45.6 billion, up 14% from PHP40 billion, with revenues rising 10% to PHP140.4 billion. Malls accounted for 55% of revenues, followed by residences at 34%.
BDO’s net income increased 12% to PHP82.0 billion, supported by solid performance across core businesses. Gross customer loans grew 13% to PHP3.2 trillion with total deposits up 6% to PHP3.8 trillion.
China Banking Corporation recorded a 13% increase in net income to PHP24.8 billion, with 21% higher revenues of PHP65.5 billion. Gross loans increased 18% to PHP933 billion, while total deposits grew 12% to PHP1.3 trillion.
In 2024, SM expanded with 619 additional retail stores, two malls and 73 bank branches, with over 85% of its footprint in the provinces.
SM successfully priced a USD500 million bond issuance under its USD3 billion Euro Medium-Term Notes program, which was recognized as “Philippines Capital Market Deal of the Year” by International Financing Review Asia.The bond was priced at 5.466% yield, or 135 basis points over US Treasuries, tightening by 35 basis points from initial guidance
Total assets increased 7% to PHP1.7 trillion, while the group maintained a conservative 31% net debt to 69% equity ratio.
