SM Investments Corp., the holding company of tycoon Henry Sy, posted a consolidated net income of P26.2 billion in the first nine months of 2018, up 10 percent from a year ago, on the strong performance of core businesses.
SM Investments, which has interests in banking, real estate, and retail, said consolidated revenues in the first three quarters grew 12 percent to P307.4 billion from P274.6 billion year-on-year.
“The results of the first nine months have been reassuring with the resilient performance of property, banking, and retail. Our financial results reflect the ongoing strength of consumer sentiment, even as we continue to monitor inflationary pressures,” SM president Frederic DyBuncio said.
The conglomerate said property accounted for 43 percent of the reported net earnings in the nine-month period, followed by banks with 36 percent and retail with 21 percent.
Retail operations under SM Retail Inc., which consist of both food (SM Markets) and non-food (The SM Store and Specialty Retail), reported an 11-percent growth in total revenues to P227 billion in the first nine months, while net income rose to P7.9 billion from P7.7 billion.
Revenues from specialty retail increased 16 percent.
SM Retail had a total of 2,212 stores as of end-September, including 62 The SM Stores, 1,315 specialty retail stores, 56 SM Supermarkets, 50 SM Hypermarkets, 194 Savemore, 52 WalterMart and 483 Alfamart stores.
SM Prime Holdings also reported a 17-percent growth in net income to P23.4 billion as consolidated revenues rose 15 percent to P74.6 billion.
The mall business grew 12 percent to P43.3 billion, as same-mall sales went up eight percent and mall rental revenues increased 12 percent to P36.8 billion.
Revenues of the residential group led by SM Development Corp. increased 23 percent to P25.3 billion while reservation sales jumped 25 percent to P52.8 billion.
Banking unit BDO Unibank posted a net income of P21.5 billion, up six percent year-on-year. Net interest income grew 20 percent to P71.5 billion, supported by a 17-percent increase in gross customer loans to an almost P2 trillion and a 12-percent growth in total deposits to P2.3 trillion.
Total assets of SM Investments increased 9 percent to breach the P1-trillion level for the first time.
