Banking, property, retail boost SMIC’s 2022 earnings
SM Investments Corp. (SMIC) booked a 53-percent growth in net income last year after registering robust revenue growth, driven by business units including banking, property and retail.
In a disclosure on Tuesday, the listed conglomerate reported its net earnings rose to P61.7 billion last year from P40.4 billion in 2021 as consolidated revenues improved by 27 percent to P553.8 billion.
The banking segment contributed the most to the revenue pie with 45 percent, followed by property (23 percent), retail (21 percent) and portfolio investments (11 percent).
“All of our business units delivered strong results, reflecting the Philippines’ economic recovery last year and the actions we took during the pandemic,” SM Investments president and CEO Frederic DyBuncio said.
BDO Unibank Inc. saw its net income rise by 33 percent to P57.1 billion last year, the highest figure booked by a local private bank for the period. Customer loans grew by 9 percent with the further reopening of the economy while total deposits climbed by 14 percent.
Other units’ performance
China Banking Corp., meanwhile, ended 2022 with P19.1 billion in net income, showing 27-percent growth as total revenues increased by 14 percent to P55.7 billion. Net loans grew by 15 percent to P700 billion while deposits improved by 24 percent to P1.1 trillion.
SM Prime Holdings registered a P30.1-billion net income last year, 38 percent more than P21.8 billion it booked in 2021. Nearly half of its revenues were accounted for by mall businesses, which more than doubled to P49.8 billion for the period.
The reservation sales of residential unit SM Development Corp. slightly grew to P102 billion last year from P98.9 billion in 2021.
SM Retail Inc.’s net income improved by 86 percent to P17.9 billion, supported by revenues growing by 24 percent to P378.2 billion last year.
As of end-2022, the retail unit has 1,829 outlets, comprising branches of The SM Stores, SM Supermarkets, SM Hypermarkets, Savemore, WalterMart and Alfamart.
Total assets of the conglomerate amounted to P1.5 trillion as of latest reporting.
“SM also innovated and improved efficiencies across the board, and today we are focused again on expanding our footprint across the regions to serve more Filipinos,” DyBuncio said. INQ
