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

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Sy-blings’ property arm heads into 2022 with strong growth: SM Prime profit jumps 21% on higher mall revenues

Integrated property developer SM Prime Holdings Inc. delivered a strong performance last year with its net income growing 21 percent to P21.8 billion on higher contributions from the mall business.

Consolidated revenues reached P82.3 billion, almost the same level as 2020.

Operating income rose 11 percent to P32.4 billion from P29.1 billion

The residential business under SM Development Corp. (SMDC) still accounted for the bulk of SM Prime’s total revenues at P45.9 billon, lower than its previous year’s contribution as sales take-up slightly declined to P98.9 billion.

Revenues from the mall business amounted to P24.1 billion, up 2.1 percent from the previous year amid the easing of mobility restrictions in most parts of the country in November. Rent income improved by six percent to P23 billion.

Overseas, SM Prime’s mall operations in China booked a net income of RMB 0.2 billion, up 154 percent as revenues jumped 20 percent to RMB 800 million as businesses quickly returned to normalcy after containing the coronavirus.

Meanwhile, revenues from offices, hotels, and convention centers, remained resilient at P6.6 billion or four percent higher than the previous year.

“As we begin to see the result of joint effort by the government and private organizations to manage the pandemic, SM Prime is set to pursue business expansions with broader funding options available locally and internationally. We will continue to work with the government in helping the nation rebound form the challenges in the past two years,” said Jeffrey C. Lim, SM Prime president.

SOURCE: Bilyonaryo

 

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From recovery to sustainable growth: Sy-blings’ real estate arm posts 9% rise in nine-month profit

Integrated property developer SM Prime Holdings Inc. grew its net income by nine percent in the first nine months to P15.6 billion on higher reservation sales.

Consolidated revenue, however, declined by six percent to P56.8 billion as the group’s shopping malls continued to enjoy low foot traffic amid the pandemic.

 “SM Prime continues to develop new ways and solutions in its businesses by developing sustainable programs that provide safe and secure environment for all of its stakeholders. This is in line with our anticipation of welcoming more people in our establishments, primarily in our malls and other commercial facilities, where thousands of our partner-tenants can showcase their products and services this coming Holidays Season,” said Jeffrey C. Lim, SM Prime president.

The residential business, led by SMDC, accounted for 56% or P32.1 billion of SM Prime’s consolidated revenues, down six percent from last year’s P34.2 billion.

SMDC’s reservation sales, however, grew 14 percent to P76.3 billion in the first nine months due to strengthened online presence and continuous construction of projects.

Revenues from the shopping mall business declined by 14 percent to P15.8 billion, weighed down by the reimplementation of stricter community quarantine in August.

The China mall business likewise saw revenue jump by 28 percent to P4.6 billion.

Meanwhile, revenues from the hotels and convention centers business reached P900 million.

“As the country continues to survive the pandemic, SM Prime will remain optimistic by providing support to the government as well as convenience, services and entertainment to its customers,” Lim said.

SOURCE: Bilyonaryo

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