SMIC sets P90-B capex this year

MANILA, Philippines — SM Investments Corp. (SMIC), the inverstment holding company of retail tycoon Henry Sy, is spending up to P90 billion this year for the expansion its property, retail and banking businesses.

SMIC SVP for finance Franklin Gomez said yesterday that this year’s capital expenditures would be financed by internally generated funds.

He said bulk of about P80 billion would go to its property arm SM Prime, while its retail and banking arms would each get about P5 billion each.

SM Prime intends to reach key provincial cities this year which have demonstrated promising economic progress.

“We will continue to capitalize on our strengths and take advantage of the robust domestic economy to create growth. Our core businesses face positive market conditions and expansive opportunities for new market development across the country while our new investments offer us additional long-term growth,” SMIC president and CEO Frederico Dybuncio said.

SMIC finished 2017 with a six percent rise in net income to P32.9 billion as its core businesses continued to grow amid the economy’s strong growth momentum.

The group also registered P396.1 billion in revenues, nine percent higher than the previous year.