SMIC Q1 net income grows 8% to P7.7B

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LISTED conglomerate SM Investments Corp. (SMIC) reported 8 percent growth in net income for the first quarter of this year to P7.7 billion from last year’s P7.1 billion, led by strong sales in its property, banking and retail segments.

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Consolidated revenues rose 8 percent to P84.5 billion in the first quarter from P78.4 billion in the same period last year.

“SM is off to a strong start in the first quarter with good growth and steady profit margins across our core businesses. We are also pleased with recent acquisitions like our stake in 2GO Group, which will help us build our portfolio of investments to capture the high growth of the Philippine economy,” SM President Frederic DyBuncio told the Philippine Stock Exchange (PSE) on Wednesday.

SM’s equity investments include stakes in strong assets such as the City of Dreams Manila property, NET Buildings, CityMalls and others.

It recently announced the acquisition of 34.5 percent in the parent company of 2GO Group and 61.2 percent in MyTown. SM continues to look to invest in partners with leading positions, strong management and potential for high growth and attractive yields.

For the first quarter, property accounted for 44 percent of SM’s consolidated net income, followed by banks at 35 percent and retail at 21 percent.

Its retail arm SM Retail Inc. which consists of both SM Markets and The SM Store and Specialty Retail, reported 7 percent growth in total sales to P61.4 billion in the first quarter, while net income rose 3 percent to P2.3 billion.

At end-March, SM Retail had a total of 2,194 stores comprising 57 The SM Stores, 1,584 specialty retail stores, 48 SM Supermarkets, 44 SM Hypermarkets, 165 Savemore, 39 WalterMart and 257 Alfamart stores.

For the first quarter, its banking arm BDO Unibank and ChinaBank posted net income of P5.8 billion and P1.5 billion, respectively, or an increase of 6 percent year-on-year for both banking units.

Meanwhile, property arm SM Prime Holdings (SMPH) reported net income growth of 13 percent to P6.6 billion.

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