SM Investments Corporation (SM) reported a 13% growth in net income to PHP37.1 billion in 2018 from PHP32.9 billion in 2017. Consolidated revenues also rose 13% to PHP449.8 billion from PHP397.9 billion the previous year.
Property accounted for 41% of total earnings, with banks comprising 38% and retail 21%.
“Our very good results in 2018 were driven by all three core businesses, retail, banking and property, each of which delivered strong revenue growth and also strong earnings growth. We remain optimistic about the economic environment and growth opportunities for the group in 2019,” SM President Frederic C. DyBuncio said.
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