Our President’s Report on Our Sustainability Progress
“In 2019, we made significant progress, both as a growing business and as a responsible sustainability partner, particularly in areas that are most material to our ability to create stakeholder value.”
FREDERIC C. DYBUNCIO
President and CEO
Our business delivered PHP501.7 billion in revenues, representing growth of 12% over 2018 and net income growth of 20% to PHP44.6 billion. Results were strong across all three of our core businesses. Our Retail business grew revenues by 9% to PHP366.8 billion and net income by 10% to PHP12.5 billion as we opened 412 new stores, 68% of which are outside Metro Manila. Our Property group, SM Prime, posted revenue growth of 14% to PHP118.3 billion and net income growth of 18% to PHP38.1 billion. While our Banking businesses posted a 35% growth in net income to PHP44.2 billion for BDO Unibank and 24% to PHP10.1 billion for China Bank, as we rolled out branch expansion plans.
Underpinning these strong results is our integrated thinking to business sustainability: pursuing our customer-centric approach while addressing the unmet development needs of the Filipino through our core businesses – more equitable access to organized retailing for micro, small and medium enterprises (MSMEs), inclusive financial products and services, and city developments that support the national economic agenda.