SM’s net income rises to PHP45 billion

(28 February 2020, Pasay City, Philippines) SM Investments Corporation (SM) reported its net income rose 20% to PHP44.6 billion in 2019 from PHP37.1 billion in 2018. Consolidated revenues increased by 12% to PHP501.7 billion from PHP449.8 billion the previous year. 

“We had a good year in 2019 with all our core businesses delivering strong revenue and profit growth. The Retail Group added over 400 stores nationwide whilst the Property Group sustained its growth momentum led by residential and commercial developments. The Banking Group had a particularly good year as net income improved,” SM President Frederic C. DyBuncio said. 

“We are confident about the long-term growth potential of the country and we will continue to expand. We are committed to maintaining a strong balance sheet that gives us the financial flexibility to fend off short-term risks and to take on opportunities that may come our way,” Mr. DyBuncio added. 


Operations under SM Retail Inc., which consist of non-food (THE SM STORE and specialty stores) and food stores (SM Markets), reported total revenues grew 9% to PHP366.8 billion. Net income likewise increased by 10% to PHP12.5 billion. THE SM STORE opened two new stores in Ortigas in Pasig City and Olongapo in Zambales. Total gross selling areas of all 65 department stores in 2019 stood at 806,230 square meters. The food group, which includes SM Markets (SM Supermarket, SM Hypermarket, and Savemore), Alfamart, and WalterMart, added 248 new stores in 2019. SM Retail added a total of 412 new outlets in 2019 across the portfolio. By year-end, SM Retail had a total of 2,799 outlets, comprising 65 THE SM STORES, 1,609 specialty retail outlets, 58 SM Supermarkets, 52 SM Hypermarkets, 201 Savemore, 60 WalterMart, and 754 Alfamart stores. 


SM Prime Holdings recorded consolidated net income growth of 18% to PHP38.1 billion from PHP32.2 billion the previous year. Consolidated revenues increased by 14% to PHP118.3 billion from PHP104.1 billion. Philippine mall revenues recorded an 8% increase to PHP57.8 billion mainly driven by the 7% same-mall-sales growth across all mature malls. The cinema and event ticket sales reported a 6% growth to PHP5.5 billion. Revenues from amusement, merchandise sales, and others went up by 15% to PHP3.9 billion. 

SM Prime has 74 malls in the Philippines spanning 8.5 million square meters (sqm) of gross floor area (GFA) and seven malls in China with 1.3 million sqm. SM Prime’s residential group, led by SM Development Corporation (SMDC), recorded revenue growth of 24% to PHP45.2 billion due to higher construction accomplishments. The rest of SM Prime’s businesses registered a combined revenue growth of 14% to PHP9.6 billion. This took into account the full-year revenue contribution of the ThreeE-Com Center, the opening of the National University Mall of Asia (NUMA), and the opening of Park Inn by Radisson hotels in Iloilo and in North EDSA, Quezon City. 


BDO Unibank, Inc. (BDO) posted a net income of PHP 44.2 billion, up 35%. Net interest income grew by 22% to PHP 119.9 billion. Gross customer loans rose 9% to PHP2.2 trillion while deposits grew 3% to PHP2.5 trillion. China Banking Corporation (China Bank) reported a net income growth of 24% to PHP10.1 billion. Net interest income grew 14% to PHP26.1 billion on the back of a 13% increase in gross loans to PHP577.9 billion. Total deposits rose 7% to PHP775.4 billion. 

Balance Sheet

The total assets of SM grew 8% to PHP1.1 trillion. SM maintains a healthy balance sheet with a conservative gearing ratio of 36% net debt to 64% total equity. 

About SM Investments CorporationSM Investments Corporation is a leading Philippine company that is invested in market-leading businesses in retail, banking, and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy. SM’s retail operations are the country’s largest and most diversified with its food, non-food, and specialty retail stores. SM’s property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels, and convention centers as well as tourism-related property developments. SM’s interests in banking are in BDO Unibank, Inc., the country’s largest bank, and China Banking Corporation, the 6th largest bank.  For more about SM, visit  

For further inquiries, please contact: 

Paul ArcenasVP,  Planning and Corporate CommunicationsSM Investments CorporationE-mail: paul.arcenas@sminvestments.comTel. No. (632) 8857-0100 local 1039