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Manila Bulletin devider Business devider SMIC posts P23.4-B net profit in 2020,down 48%

SMIC posts P23.4-B net profit in 2020,down 48%

Published Feb 26, 2021 03:11 pm

SM Investments Corporation (SMIC) registered a net income of P23.4 billion last year, 48 percent lower than the P44.6 billion earned in 2019.

Due to the impact of the COVID-19 pandemic, The firm’s consolidated revenues declined to P394.2 billion in 2020 from P502.0 billion in the year before.

SMIC said its banking and property businesses accounted for 55 percent and 33 percent of net income while retail contributed 12 percent.

“Our businesses continued to build momentum through the end of 2020 as they addressed the changed behaviors and needs of our customers,” SMIC President Frederic C. DyBuncio said.

He noted that, “Our banks, food retailing and residential property all performed well, while our malls and non-food retail operations showed steady improvements as conditions allowed.”

Dybuncio added that, “We continue to innovate and focus on safety and are cautiously optimistic about the year ahead.”

SM Retail Inc., which consists of non-food (THE SM STORE and specialty stores) and food stores, reported revenues at P296.8 billion, 19 percent lower thanthe P366.8 billion in 2019. Net income was lower by 67 percent at P4.1 billion.

THE SM STORE opened two new stores in 2020 in Butuan and another in Zamboanga. The total gross selling area of all 66 department stores in 2020 stood at 816,958 square meters.

The food group, which includes SM Markets (SM Supermarket, SM Hypermarket and Savemore), Alfamart and WalterMart, added 287 new stores in 2020. 

SM Retail added a total of 351 new stores in 2020 across the portfolio. At year end 2020, SM Retail had a total of 3,019 outlets, comprising 66 THE SM STORES, 1,550 specialty retail stores, 59 SM Supermarkets, 52 SM Hypermarkets, 209 Savemore, 71 WalterMart and 1,012 Alfamart stores.

SM Prime Holdings (SM Prime) recorded a net income of P18.0 billion from P38.1 billion in 2019. Revenues were at P81.9 billion from P118.3 billion in 2019.

BDO Unibank, Inc. (BDO) posted a net income of P28.2 billion from P44.2 billion in 2019 due mainly to pre-emptive provisions of P30.2 billion set aside against potential delinquencies from the pandemic.

China Banking Corporation (China Bank) reported a net income of P12.1 billion, 20 percent higher compared to 2019 as net interest income grew 30 percent to P33.8 billion on the back of a 39 percent drop in interest expense.(James A. Loyola)

Related Tags

BDO Unibank China Banking Corporation SM Retail SMIC President Frederic C. DyBuncio SM Prime Holdings Inc. SM Investments Corporation
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