SM Investments Corp. grew net profit last year by 13 percent to P37.1 billion on higher earnings across its core retail, banking and property businesses.
Consolidated revenues went up 13 percent to P449.8 billion, SMIC disclosed to the Philippine Stock Exchange on Thursday.
“Our very good results in 2018 were driven by all three core businesses, retail, banking and property, each of which delivered strong revenue growth and also strong earnings growth. We remain optimistic about the economic environment and growth opportunities for the group in 2019,” SM president Frederic DyBuncio said in the disclosure.
Property accounted for 41 percent of SMIC’s total earnings, with banks comprising 38 percent and retail comprising 21 percent.
Despite the surge in local inflation last year, SM Retail Inc. grew net profit by 8 percent to P11.3 billion on the back of a 12-percent growth in revenues to P335.6 billion.
At end-December 2018, SM Retail had a total of 2,328 outlets, comprising 63 department stores, 1,383 specialty retail outlets, 56 SM Supermarkets, 53 SM Hypermarkets and 195 Savemore, 52 WalterMart and 526 Alfamart stores.
The department store unit under The SM Store opened four stores in Urdaneta, Telebastagan, Legazpi and Valenzuela. At end-2018, total gross selling areas of all 63 SM department stores stood at 797,740 square meters.
It was earlier reported that property arm SM Prime Holdings grew net profit last year by 17 percent to P32.2 billion as consolidated revenues rose by 14 percent to P104.1 billion.
Banking arm BDO Unibank Inc. outperformed expectations by delivering a net income of P32.7 billion last year, up by 17 percent. —DORIS DUMLAO-ABADILLA