SMIC income grows 26% in January-September

November 07, 2019

SM Investments Corp. (SMIC) on Wednesday said its net income grew 26 percent during the three quarters of the year ending September to P33.1 billion from last year’s P26.17 billion.

Consolidated revenues rose 14 percent to P350.7 billion from P307.4 billion last year.

“Our core businesses continue to deliver notable performance led by banking and property. We are satisfied with our financial results as these reflect the continued growth in our core businesses. This quarter, we are also pleased that our efforts to strengthen our environment, social and governance practices are being recognized,” SMIC President Frederic C. DyBuncio said.

The company’s banking business accounted for 44 percent of its reported net earnings, followed by property at 39 percent and retail at 17 percent.

Retail operations under SM Retail Inc., which consist of both food, such as SM Markets and nonfood, such as the department stores and specialty retail, reported growth in total revenues by 12 percent to P253.9 billion.