MANILA, Philippines - SM Investments Corp. reported an eight percent growth in net income to P31.2 billion in 2016.
Property accounted for 39 percent of total earnings, with banks comprising 37 percent and retail 24 percent.
SM recorded a nine percent rise in revenues to P362.8 billion, driven by an eight percent increase in retail revenues and a 12 percent growth in property revenues.
Operations under SM Retail Inc., which consist of non-food such as The SM Store and specialty stores and food stores under SM Markets, posted net earnings of P10.6 billion, up seven percent as revenues rose eight percent to P276.5 billion.
At end-December 2016, SM Retail had a total of 2,110 outlets, comprising 57 The SM Stores, 1,556 specialty retail outlets, 48 SM Supermarkets, 44 SM Hypermarkets, and 156 Savemore, 39 WalterMart and 210 Alfamart stores.
Property unit SM Prime Holdings Inc. reported a 14 percent hike in recurring net income to P23.8 billion.
BDO Unibank posted a net income of P26.1 billion, up 4.4 percent year on year while China Banking Corp. grew earnings by 15 percent to P6.4 billion on the back of sustained growth in core and fee-based businesses. – Iris Gonzales