Sy-blings holding company posts 65% jump in profit as retail, property, banking units roar back from pandemic

SM Investments Corp. bounced back strongly last year with earnings growing 65 percent to P38.5 billion as consumers stepped up spending.

In a statement, SMIC said consolidated revenues went up nine percent to P428.1 billion amid a rebound in consumer spending in the run up to Christmas.

SMIC chief executive officer Frederic C. DyBuncio attributed the growth in revenue to the improved performance of its retail and mall businesses as mobility restrictions are eased, as well as the solid results of its banking arm.

“It is our hope that the further easing of restrictions after the latest surge in COVID cases will lead to sustained recovery of the economy and our businesses as the country adjusts to living with the virus. We are committed to continue our expansion plans,” DyBuncio said.

SM Retail Inc., which consists of food and non-food stores, saw net income surge 133 percent to P9.6 billion. Revenues rose two percent to P303.9 billion due to sustained growth in sales in the SM Stores and Specialty Stores.

The group added a total of 294 new stores across the entire portfolio for a total of 3,215 outlets, consisting of 68 The SM Stores, 1,539 specialty retail stores, 62 SM Supermarkets, 52 SM Hypermarkets, 214 Savemore, 73 WalterMart and 1,207 Alfamart stores.

SMIC ended 2021 with P1.3 trillion in total assets, up 10 percent year on year.

SOURCE: Bilyonaryo

Categories: SMIC, SMPrime, sy, sy-blings