Property, retail boost Henry Sy holding firm’s profit to P23.8B
SM Investments Corp. grew its nine-month net profit by eight percent to P23.8 billion, driven by growth in earnings across its property and retail units.
Excluding extraordinary items, recurring net income expanded by 16 percent year on year on the back of an eight percent increase in revenues to P272.3 billion.
“Our solid third quarter results benefitted from vibrant growth in our property and retail businesses. Property earnings were driven by nationwide mall expansion and the strong performance of residential developments. Retail also gained from footprint expansion and robust consumer sentiment, particularly in specialty retailing. We remain confident that our growth plans are on track,” SM President Frederic DyBuncio said.
Property accounted for 40 percent of consolidated earnings while banks had a share of 38 percent, and retail contributed 22 percent.
SM Retail Inc. reported a 10 percent year on year increase in net profit to P7.7 billion. This was fuelled by a six percent rise in total sales to P197.9 billion.
THE SM Store opened two stores in Cagayan de Oro and in Puerto Princesa during the period, bringing total gross selling areas of all 59 department stores to over 750,000 square meters.
The group’s food retail business continued its aggressive expansion adding 21 mid-sized format Savemore stores, three SM Supermarkets and two WalterMart stores for a total of 26 new
stores year to date.
Meanwhile, Alfamart convenience stores increased its network to 320 as of the end of September.