SM Investments Corp. (SMIC), the holding firm of the Sy family, on Wednesday said its net income in January to September grew 79 percent to P27.2 billion, from last year’s P15.2 billion.
Consolidated revenues rose 5 percent to P289.4 billion during the nine-month period from last year’s P276.4 billion.
Banking accounted for 60 percent of SMIC’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,” SMIC President and CEO Frederic C. DyBuncio said.
Retail net income was at P4.8 billion, growing more than double from P2.2 billion last year, benefitting from sustained growth in sales of the department store and specialty stores as well as cost management.
Retail revenues, however, slightly fell to P204.9 billion from last year’s P206.1 billion due to a higher base in 2020 from pantry loading of grocery items.
Property developer SM Prime Holdings Inc. reported a 9-percent increase in consolidated net income to P15.6 billion for the nine-month period from last year’s P14.4 billion, but its shopping mall business continues to struggle from the effects of the mobility curbs of the government.
Consolidated revenues recorded P56.8 billion, 6 percent lower from P60.7 billion last year.
BDO Unibank Inc. delivered a net income of P32.4 billion, almost double compared to P16.6 billion last year, on the bank’s resilient business franchise and normalized provisions.
China Banking Corp. posted a consolidated net income of P11.2 billion for the period, 35 percent higher than last year’s P8.25 billion on the back of sustained core business growth and effective cost management.
SMIC and SM Prime formally signified their intent to support the Taskforce for Climate-related Financial Disclosures.
SM Prime announced that its target is to tap renewable sources for more than half of its power requirements across its businesses by the end of 2022, a commitment in support of the country’s goal of hiking the share of renewable energy to 35 percent in the energy mix by 2030.
In June 2020, SMIC said it will adapt to changes brought about by the pandemic and expects its core businesses of banking, retail and property to come out stronger after the crisis.
“The pandemic has made us more aware of the two important things for our customer—convenience and safety, and for ourselves, adaptability and transformation,” SMIC Vice Chairman Teresita T. Sy-Coson said during the firm’s online annual stockholders’ meeting.