SMIC earnings up 53% in 2022

SM Investments Corp. (SMIC), the Sy-led conglomerate, recorded a net income of P61.7 billion last year, up 53 percent as all its business units performed strongly.

The retail and banking giant raked in revenues of P553.8 billion, up by 28 percent from P432.4 billion a year ago.

SMIC president and CEO Frederic DyBuncio said as the economy recovered last year, the different business units delivered strong results.

“SM also innovated and improved efficiencies across the board, and today we are focused again on expanding our footprint across the regions to serve more Filipinos,” he said.

Of the different business segments, banking contributed 45 percent to net income with property accounting for 23 percent, retail contributing 21 percent and portfolio investments accounting for 11 percent.

BDO Unibank Inc.’s net income increased to P57.1 billion from P42.8 billion in the previous year.

Similarly, China Banking Corp. posted better than expected financial results last year on the back of robust operating income and effective cost management. Consolidated net income grew by 27 percent year-on-year to P19.1 billion.

The property business, SM Prime Holdings, reported a P30.1 billion net income last year, up 38 percent, supported by P105.8 billion in consolidated revenues, which increased by 29 percent.

SM Prime’s residential arm led by SM Development Corp. registered P40.1 billion in revenues, lower than the P45.9 billion the previous year.

SM Retail Inc., which consists of food and non-food stores, likewise grew its net income by 86 percent to P17.9 billion.

Retail’s robust performance was lifted by the return to face-to-face schooling and a strong last quarter due to vibrant holiday spending.

SM continued to expand its retail footprint with four SM Stores and 231 stores for the food group, which includes SM Supermarket, SM Hypermarket, Savemore, Alfamart and Waltermart.

By the end of the year, SM Retail added a total of 348 new stores across the entire portfolio for a total of 1,829 outlets, consisting of 72 The SM Stores, 1,611 specialty retail stores, 65 SM Supermarkets, 54 SM Hypermarkets, 215 Savemore, 82 WalterMart and 1,412 Alfamart stores.

SM has also raised its stake in its different investments, which likewise boosted its income.