Conglomerate SM Investments Corp. of the Sy family registered a net income of P44.6 billion in 2019, up 20 percent from P37.1 billion in 2018, on robust growth from core banking, retail and property businesses.
SM Investments said in a disclosure to the stock exchange consolidated revenues increased 12 percent to P501.7 billion from P449.8 billion in the previous year.
“We had a good year in 2019 with all our core businesses delivering strong revenue and profit growth. The retail group added over 400 stores nationwide whilst 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,” said SM Investments president Frederic DyBuncio.
“We are confident about the long term growth potential of the country and we will continue to expand. We are committed to maintain a strong balance sheet that gives us the financial flexibility to fend off short term risks and to take on opportunities that may come our way,” DyBuncio added.
The group’s retail business under SM Retail Inc. reported a 10-percent increase in net income to P12.5 billion, while revenues rose nine percent to P366.8 billion.
The food group, which includes SM Supermarket, SM Hypermarket and Savemore, Alfamart and WalterMart, added 248 new stores in 2019, while the non-food group added a total of 412 new outlets in 2019.
SM Retail had a total of 2,799 outlets by the end of the year.
Property unit SM Prime Holdings recorded a consolidated net income growth of 18 percent to P38.1 billion, while consolidated revenues increased 14 percent to P118.3 billion.
SM Prime’s mall revenues rose eight percent to P57.8 billion while the residential group, recorded a revenue growth of 24 percent to P45.2 billion.
SM Prime as of end 2019 had 74 malls in the Philippines spanning 8.5 million square meters of gross floor area and seven malls in China with 1.3 million sq. m.
Banking units BDO Unibank Inc. posted a net income of PP 44.2 billion, up 35 percent, while China Banking Corp. reported a net income growth of 24 percent to P10.1 billion.
Total assets of SM Investments increased eight percent to P1.1 trillion.