Conglomerate SM Investments Corp. said Wednesday net income in the first nine months climbed 79 percent to P27.2 billion from P15.2 billion in the same period last year, boosted by improved performance from core banking, property, and retail businesses.
SM Investments said in a disclosure to the stock exchange consolidated revenues rose 5 percent to P289.4 billion in the first nine months from P276.4 billion a year ago.
The banking business accounted for 60 percent of the group’s reported net earnings from core businesses, followed by property at 27 percent and retail at 13 percent.
“Our third-quarter results reflect the resilience of all our businesses and early signs of the economy opening up. With improved vaccination rates across the country and lower COVID-19 cases, we are optimistic about conditions for the fourth quarter, but continue to be vigilant about risks,” SM Investments president and chief executive Frederic DyBuncio said.
BDO Unibank Inc. delivered a net income of P32.4 billion in the first nine months, up from P16.6 billion a year ago on the bank’s resilient business franchise and normalized provisions.
Property unit SM Prime Holdings Inc. also reported a 9-percent increase in consolidated net income to P15.6 billion, even as revenues declined by 6 percent to P56.8 billion.
SM Retail more than doubled its net income to P4.8 billion in the first nine months from P2.2 billion a year ago on continued store expansion and cost-management measures.
Retail revenues reached P204.9 billion, slightly lower than P206.1 billion in the previous period on a higher base in 2020 from pantry loading of grocery items.
As part of the conglomerate’s sustainability program, SM Prime committed to source more than 50 percent of electricity requirement from renewable energy by the end of 2022.