SM INVESTMENT CORP. INCOME JUMPS BY 20% | Marvin Germo
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SM INVESTMENT CORP. INCOME JUMPS BY 20%

By: Marvin Germo | February 29, 2020

Rise In Net Income

SM Investment Corporation recorded a net income of P44.6 billion last 2019. This was 20% higher than the previous earnings it posted and this was because of the strong performance of its business segments. The firm disclosed that its revenues were increased by its segments. The year ended great for the company because of the solid revenue and profit growth. The retail group said they have added more than 400 stores all over the country while its property group was supported by the growth in commercial and residential developments. The banking group also had a good year per the disclosure of the company since its net income increased as well.

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SM Retail Revenues

The consolidated revenues of SM Investment increase by 12% in 2019 and this are equivalent to P501.7 billion. Included in this good performance is SM Retail, which reported a 9% jump in 2019 revenues. This is equivalent to P366.8 billion. Its net income, on the other hand, rose by 10% or P12.5 billion in figures. The retail operations of this subsidiary included SM markets, non-food department stores, and specialty stores. According to the report, SM Store launched 2 stores in Ortigas, Pasig City, and Olongapo, Zambales. The food group also added 248 new branches last year.

Property and Mall Businesses

On the other hand, SM Investment’s SM Prime reported a net income growth of 18%. This is P38.1 billion in figures. Its consolidated revenues also climbed by 14% to P 118.3 billion. Moreover, its mall revenues increase by 8% to P57.8 billion. This increase was due to same-mall-sales growth. Within this segment, the event ticket sales and cinema rose by 6% to P5.5 billion. The merchandise sales, amusement, and other revenues also contributed 15% growth to P3.9 billion. SM Prime ended the year with 74 malls in the Philippines and 7 malls in China.

SM Development Corp. Revenue

Finally, SM Investment’s residential property, SM Development Corporation said that its revenue was higher by 24% to P45.2 billion. This was after the higher accomplishments of its construction business. The rest of the business segments of the company grew by 14% to P9.6 billion. Some of the contributors to this positive performance were the ThreeE-Com Center, Park Inn by Radisson hotels in Iloilo and Quezon City, and the National University Mall of Asia. The banking segment of SM Investment posed a growth in its net income.

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