SMIC earnings up 10% in 9 months

MANILA, Philippines — Sy-owned conglomerate SM Investments Corp. (SMIC grew its consolidated net income by 10 percent to P26.2 billion in the first nine months.

Revenues grew 12 percent to P307.4 billion.

SM president Frederic Dy Buncio said SMIC’s businesses — property, banking and retail have been resilient despite high inflation.

“Our financial results reflect the ongoing strength of consumer sentiment, even as we continue to monitor inflationary pressures,” DyBuncio said.

Property accounted for 43 percent of SMIC’s reported net earnings, followed by banks at 36 percent and retail at 21 percent.

The conglomerate’s retail operations under SM Retail Inc. — both food (SM Markets) and non-food (The SM Store and specialty retail) — reported growth in total revenues by 11 percent to P227 billion during the period.

This translated to a net income growth of P7.9 billion from P7.7 billion.

The SM Store opened three stores in Urdaneta, Telabastagan and Legazpi. The total gross selling area of all 62 department stores stood at over 792,000 square meters.

As of the end of September, SM Retail had a total of 2,212 stores comprising 62 The SM Stores, 1,315 specialty retail stores, 56 SM Supermarkets, 50 SM Hypermarkets, 194 Savemore, 52 WalterMart and 483 Alfamart stores.

The property business through SM Prime Holdings Inc. reported an overall net income growth of 17 percent to P23.4 billion.

Consolidated revenues, meanwhile, grew 15 percent to P74.6 billion.

The mall business reported a 12 percent rise in revenues to P43.3 billion.

SM Development Corp. grew its revenues 23 percent to P25.3 billion.

The banking business, through BDO Unibank, meanwhile, posted a net income of P21.5 billion, up six percent.