SMIC nets 20% more in 2019

MANILA, Philippines — SM Investments Corp. (SMIC) reported a 20 percent growth in net income to P44.6 billion as its core businesses led by retail and property performed well.

Consolidated revenue rose to P501.7 billion.

SMIC president Frederic DyBuncio said the company had a strong year with its different businesses delivering strong growth.

“The retail group added over 400 stores nationwide while the property group sustained its growth momentum led by residential and commercial developments. The banking group had a particularly good year as net income improved,” DyBuncio said.

Moving forward, he said the company expects to sustain strong growth momentum.

SM Retail Inc. posted a 10 percent growth in net income to P12.5 billion as revenues increased by nine percent to P366.8 billion. This comprises The SM Store for non-food and SM Markets for food stores.

Total gross selling areas of the SM Group’s 65 department stores stood at 806,230 square meters as of the end of 2019.

SM Prime Holdings reported a net income of P38.1 billion, up 18 percent as revenues rose 14 percent to P118.3 billion.

SM Prime’s residential group, SM Development Corp.(SMDC) recorded a 24 percent jump in revenue to P45.2 billion due to higher construction accomplishments.

BDO Unibank Inc. posted a net income of P44.2 billion,  35 percent higher than the year ago while China Bank reported a 24 percent jump in profit to P10.1 billion.