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SM Investments posts 53% growth in 2022 net income

Diversified conglomerate SM Investments Corp. (SMIC) saw a 53% growth in its net income for the past year, driven mainly by the strong performance of its key business units.

SMIC said its net income grew to P61.7 billion from P40.4 billion, while its consolidated revenues rose by 28% to P553.8 billion from P432.4 billion in the previous year.

SM Retail Inc. posted an 86% growth in its net income to P17.9 billion from P9.6 billion, as revenues grew 24% to P378.2 billion as face-to-face schooling resumed, and strong holiday spending in the last quarter.

The firm’s property business SM Prime Holdings recorded a 38% increase in its net income to P30.1 billion, as consolidated revenues jumped by 29% to P82.3 billion.

The banking unit BDO Unibank Inc. said its net income increased to P57.1 billion from P42.8 billion, with gross customer loans up by 9% and total deposits up by 14%.

China Banking Corp. also posted a 27% increase in its consolidated net income to P19.1 billion, with total revenues up by 14% to P55.7 billion as net interest income grew 17% to P45.6 billion.

“We increased our stakes in a number of companies that are investments in the growing Philippine economy and a testament to our commitment to sustainability,” president and CEO Frederic DyBuncio said in an emailed statement.

“These companies are all profitable and generating significant contributions to our group earnings,” he added.

SMIC increased its stake in its logistics business Airspeed to 51% from 35%, as the company seeks to boost its stake in the movement of goods in the reopened economy.

“We are stronger today having prioritized our people, our tenants, our business partners and our communities during the difficult times,” DyBuncio said.

SMIC’s business portfolio includes The SM Store, SM Supermarket, SM Hypermarket, SaveMore, Walter Mart Supermarket Inc., Alfamart.

It also has equity investments in the Neo Group, Philippine Urban Living Solutions, CityMall Commercial Centers Inc., Belle Corp., 2GO Group Inc., Airspeed, Goldilocks, and Atlas Consolidated Mining & Development Corp.

Shares in SMIC closed Tuesday at P852.00 apiece, down by P42.5 or 4.75% from Monday’s finish of P894.50.—AOL, GMA Integrated News