The country’s largest conglomerate SM Investments Corp. grew its 2019 net income by 20 percent to P44.6 billion on robust earnings across its core retailing, banking and property development businesses.
Consolidated revenues increased by 12 percent to P501.7 billion, SMIC disclosed to the Philippine Stock Exchange on Friday.
Operations under SM Retail Inc. reported a 9 percent growth in total revenues to P366.8 billion and a 10-percent growth in net income to P12.5 billion.
“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 while 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.
“We are confident about the long term growth potential of the country and we will continue to expand. We are committed to maintain 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.