Home Business Corporate News SM Group nets P33B in Jan-Sept

SM Group nets P33B in Jan-Sept

ITS banking and property segments boosted SM Investment Corp.’s net income by 26 percent to P33.1 billion in the first nine months of 2019 from P26.17 billion in the same period last year.

In a disclosure on Wednesday, the Sy-led conglomerate said its consolidated revenues increased by 14 percent to P350.7 billion in the January-to-September period from P307.4 billion the previous year.

“Our core businesses continue to deliver [a] notable performance, led by banking and property. We are satisfied with our financial results as these reflect the continued growth in our core businesses,” SM President Frederic DyBuncio said in the disclosure.

The SM Group’s banking units — which contributed 44 percent of total earnings — saw their bottom line grow in the period.

BDO Unibank Inc.’s net income increased by 49 percent to P32.1 billion in the first three quarters, while its net interest income reached P88.5 billion.

China Banking Corp.’s nine-month profit grew by 21 percent to P6.7 billion on the back of the 9-percent growth in net interest profit.

Property giant SM Prime Holdings Inc. — which accounted for 39 percent of total profit — saw its income improve by 18 percent to P27.6 billion in the first three quarters from P23.44 billion a year ago on the back of the robust performance of its mall and residential segments.

Mall revenues inched up by 8 percent to P42.03 billion as of end-September, while residential revenues climbed by 26 percent to P31.92 billion.

The firm’s retail segment — which consists of SM Markets, the SM Store and specialty retail — saw its net income drop by 1 percent to P7.8 billion because of a change in accounting policy. Without this, net profit would have grown by 8 percent.

The SM Store recently opened an outlet in Olongapo City, bringing the gross selling area of all its 64 department stores to 802,219 square meters.

In the first nine months, SM’s food retail group opened seven Savemore outlets, two SM Supermarkets and four WalterMart stores.

SM Retail has 2,693 stores in total as of end-September.

SM shares dipped by P34 or 3.12 percent to finish at P1,057 each on Wednesday.

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