Henry Sy core businesses continue to deliver sustained growth
SM Investments Corp. said reported income rose nine percent to P16.6 billion on steady growth across all units.
Excluding one-time items in 2016, recurring income grew 16 percent with the property business accounting for 42 percent of the total. This was followed by banks with a contribution of 36 percent and retail, 22 percent.
Consolidated revenues went up seven percent to P181.6 billion
“Even without the benefits of an election year, we saw sustained growth across all our core businesses, driven by the strong economy and resilient consumer sentiment. SM will continue to capture this momentum through nationwide expansion and by investing in high growth opportunities,” SMIC president Frederic DyBuncio said.
Outside of the core businesses, SM continues to build its portfolio of investments in complementary businesses that will help capture the high growth of the Philippine economy.
SM Retail booked a net income of P5.2 billion, up six percent as sales expanded by six percent.
The property business under SM Prime Holdings Inc. reported a 14 percent jump in first half profit to P14.4 billion on the back of a 10 percent growth in revenues.
Banking unit BDO Unibank, meanwhile, posted a net income of P13.3 billion driven by the growth in loan portfolio, low-cost deposits and higher recurring fee-based service income.