SY family-led conglomerate SM Investments Corporation (SMIC) grew its nine-month net profit by 7 percent year-on-year to P19.4 billion, driven by higher earnings across its retailing, banking and property businesses.
Excluding extraordinary items, SMIC’s recurring net income grew by 12 percent year-on-year on the back of a 7-percent rise in consolidated revenues to P206.2 billion for the nine-month period.
“Our strong results year-to-date reflect our ongoing focus on delivering footprint expansion across the country and on driving cost competitiveness in all our core businesses,” SMIC president Harley Sy said in a press statement on Wednesday.
SMIC’s underlying earnings expansion was driven by a 21-percent year-on-year growth in retail earnings and 15 percent growth in property recurring net income while the banking business also expanded earnings by 5 percent.
For the first nine months, banks accounted for 40 percent of SMIC’s consolidated earnings while property accounted for 39 percent and retail had a share of 21 percent.
Retail operations under SM Retail Inc. reported a 6.5 percent growth in total sales to P145.3 billion in the nine-month period while net income rose by 21 percent year-on-year to P4.6 billion.