SMIC earnings rise to P9.5 billion in Q1

MANILA, Philippines — Sm Investments Corp., the listed conglomerate of the Sy Group, reported a consolidated net income of P9.5 billion from January to March, up five percent from last year.

Consolidated revenues, on the other hand, dropped by 13 percent to P96.9 billion.

SMIC president and CEO Frederic DyBuncio said as businesses adapt to a challenging operating environment and broader economic uncertainties, the company continues to innovate and find new ways to service customers’ needs.

“We have reduced our operating costs and are benefiting from the high levels of cost efficiency that we focused on during the last 12 months,” he said.

Banking accounted for 54 percent of SMIC’s net earnings followed by property at 33 percent and retail at 13 percent.

Moving forward, DyBuncio said the company would support the government’s vaccination rollout.

“We strongly support health recovery efforts and remain optimistic about a strong recovery in due course,” DyBuncio said.

Aside from offering free vaccinations to all employees, SM recently made its facilities available as vaccination venues nationwide for use by local governments.

SMIC’s businesses are retail through the SM Group, banking through BDO and Chinabank and property through SM Prime Holdings.

It also invests in ventures that capture high growth opportunities in the emerging Philippine economy.