SM nets P27.45 B in 2013

Henry Sy INQUIRER FILE PHOTO

MANILA, Philippines — Henry Sy’s SM Investments Corp. boosted its net profit last year by 11 percent to P27.45 billion on higher earnings from the banking business, the company announced Monday.

Banking accounted for the largest share of SMIC’s net profit, with a contribution of 42.8 percent, led by the strong performance of Banco de Oro Unibank. The recently consolidated property group, consisting of malls and real estate, accounted for 35.9 percent of the group-wide bottomline while retail business accounted for 21.3 percent.

Group-wide revenue increased by 13 percent to P253.53 billion in 2013 over the previous year while cash flow as measured by earnings before interest, taxes, depreciation and amortization (EBITDA) rose also by 11 percent to P60.9 billion, for an EBITDA margin of 24 percent.

SMIC annual earnings per share grew by about a tenth to P34.85 from the previous year.

“SM’s full year earnings for 2013 reflect the overall progressive economic environment of the country which, however, is tempered by competitive dynamics and the effects of continuous climate change. With that in mind, SM is constantly evolving to take advantage of the enormous opportunities that are made available by a fast emerging economy. SM will remain focused on its core businesses of retail, property, and banking with portfolio investments in high-growth emerging sectors,” SMIC president Harley Sy said.

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