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SM Investments Corporation (SMIC). Jonathan Cellona, ABS-CBN News

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SM Investments Corporation (SMIC)

ABS-CBN News

<p>MANILA - SM Investments Corporation (SMIC) announced said its net income hit P77 billion in 2023, up 25 percent from P61.7 billion in 2022. </p><p>Consolidated revenues also surged by 11 percent to P616.3 billion from P553 billion the previous year.</p><p>Frederic DyBuncio, President and CEO of SM Investments, attributed the impressive results to the group&#x27;s focus on customer needs amid uncertain economic conditions. </p><p>“A key success driver was the healthy spending patterns of Filipino consumers in both essential and discretionary purchases, particularly in fashion, dining and entertainment,” he added.</p><div><a href="https://news.abs-cbn.com/business/2024/2/26/sm-to-open-la-union-mall-with-surfer-vibe-4-other-malls-1318">SM to open La Union mall with &#x27;surfer vibe&#x27;, 3 other PH malls, 1 new China mall</a></div><p>Banking emerged as the largest contributor to net income, accounting for 47 percent, followed by property at 25 percent, retail at 19 percent, and portfolio investments at 9 percent.</p><p>BDO Unibank reported a net income of P73.4 billion, with strong growth across core businesses. China Banking Corporation achieved a net income of P22 billion, bolstered by higher core business revenues.</p><p>SM Retail reported revenues of P415 billion, marking a 10 percent increase, with essential spending driving growth across segments. </p><p>The Food Group, comprising SM Markets, WalterMart, and Alfamart, also contributed with a 7 percent increase, while The SM Store and specialty retail witnessed revenue growth of 16 percent and 11 percent, respectively.</p><p>Meanwhile, SM Prime Holdings reported a consolidated net income of P40 billion, up by 33 percent, with mall business revenues growing by 30 percent to P71.9 billion.</p><p>SM&#x27;s residential business, led by SM Development Corporation (SMDC), saw revenues climb by 8 percent to P43.1 billion, with reservation sales reaching P102 billion.</p><p>SMIC&#x27;s portfolio investment companies also demonstrated growth, with net earnings rising by 6 percent in 2023, driven by buoyant performance in various sectors.</p><p>With total assets reaching P1.6 trillion, SM said it maintains a healthy balance sheet, with a conservative gearing ratio of 33 percent net debt to 67 percent total equity, reflecting its strong financial position.</p><div><br/></div><div><br/></div>

<p>SM Investments Corporation (SMIC) announced said its net income hit P77 billion in 2023, up 25 percent from P61.7 billion in 2022.</p>

SM Investments Corporation (SMIC) announced said its net income hit P77 billion in 2023, up 25 percent from P61.7 billion in 2022.

SM Investments 2023 net income hits P77 billion, up 25 pct

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SM Investments 2023 net income hits P77 billion, up 25 pct

ABS-CBN News

Published February 28, 2024 07:53 PM PHT

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