SM net income up 26% to P10.7 B

Published May 8, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

SM Investments Corporation reported a 26 percent jump in net income growth to P10.7 billion in the first quarter of 2019 from P8.5 billion in the same period last year.

SM President Frederic C. DyBuncio
SM President Frederic C. DyBuncio

In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues rose 15 percent to P109.0 billion from P95.0 billion in the same quarter of 2018.

“We continued to deliver double digit growth to both our top and bottom line in the first quarter. Performance was strong across our businesses, particularly for our banks,” SM President Frederic C. DyBuncio said.

For the first quarter, banks accounted for 42 percent of SM’s consolidated net income, followed by property at 40 percent and retail at 18 percent.

Retail operations under SM Retail, Inc., which consist of both food (SM Markets, WalterMart and Alfamart) and non-food (THE SM STORE and Specialty Retail), reported growth in revenues of 13 percent to P79.0 billion in the first quarter, while net income rose 5 percent to P2.7 billion.

Revenues from SM Retail’s specialty retail stores grew 13 percent to P19.6 billion.

SM Prime Holdings, Inc. (SM Prime) reported overall net income growth of 16 percent in the first quarter to P8.8 billion. Consolidated revenues rose 14 percent to P26.5 billion in the first quarter.

SM’s banking units posted strong results amidst better net interest margins and normalization of trading gains.

For the first quarter of 2019, BDO Unibank sustained its strong momentum as it posted a net income of P9.8 billion, surging 66 percent due to the continued expansion of its core banking operations, recovery of trading gains to normal levels and strong results from bank fees and life insurance premiums.