SM profits jump 79% in 9 months

SM Investments Corporation, the flagship of the Sy family, reported a 79 percent jump in consolidated net income to P27.2 billion in the first three quarters of 2021 from the P15.2 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues rose 5 percent to P289.4 billion in the first nine months from P276.4 billion in the same period last year.

Banking accounted for 60 percent of SM’s reported net earnings from core businesses, followed by property at 27 percent and retail at 13 percent. Total assets were at P1.3 trillion.

“Our third quarter results reflect the resilience of all our businesses and early signs of the economy opening up,” SM Investments President and Chief Executive Officer Frederic C. DyBuncio said.

He added that, “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.”

SM Retail reported that net income  more than doubled to P4.8 billion from P2.2 billion in the previous period, benefitting from sustained growth in sales of the SM STORE and Specialty Stores as well as cost management.

Retail revenues stood at P204.9 billion, slightly lower than the P206.1 billion in the previous period due to a higher base in 2020 from pantry loading of grocery items.

SM Prime Holdings, Inc. reported a 9 percent increase in consolidated net income to P15.6 billion in the first nine months of 2021 from PHP14.4 billion in the same period last year.

BDO Unibank, Inc. (BDO) delivered a net income of P32.4 billion compared to P16.6 billion a year-ago, on the bank’s resilient business franchise and normalized provisions.

China Banking Corporation posted a consolidated net income of P11.2 billion for the January to September period, 35 percent higher compared to the same period last year on the back of sustained core business growth and effective cost management.

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Article was originally published in Manila Bulletin and written by James A. Loyola.