MANILA, Philippines – SM Investments Corporation reported a net income of P44.6 billion in 2019, a 20% increase from the P37.1 billion it earned in 2018, the company disclosed to the Philippine Stock Exchange on Friday, February 28.
Consolidated revenues increased by 12% to P501.7 billion in 2019 from the P449.8 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 DyBuncio said.
Operations under SM Retail reported net income of P12.5 billion, 10% higher year-on-year, while total revenues grew by 9% to P366.8 billion.
SM Retail added 412 new stores in 2019, bringing total outlets to 2,799. Its property arm, SM Prime Holdings, reported a net income growth of 18% to P38.1 billion from P32.2 billion in 2018. The group's banking arm, BDO Unibank, reported an impressive 35% growth in its net income to P44.2 billion. Its other bank, China Banking Corporation, likewise posted a double-digit growth of 24% to P10.1 billion.
SM Investments’ total assets in 2019 grew by 8%, now bringing it to a massive P1.1 trillion.