Wednesday, April 14, 2021

SM Net Income At PHP23 Billion In 2020

SM Net Income At PHP23 Billion In 2020

Spotlight

How do you feel about this story?

Like
Love
Haha
Wow
Sad
Angry

SM Investments Corporation (SMIC) reported its net income was at PHP23.4 billion, 48% lower than PHP44.6 billion in 2019. Consolidated revenues stood at PHP394.2 billion from PHP502.0 billion in 2019.

The banking and property businesses accounted for 55% and 33% of net income while retail contributed 12%.

“Our businesses continued to build momentum through the end of 2020 as they addressed the changed behaviors and needs of our customers. Our banks, food retailing and residential property all performed well, while our malls and non-food retail operations showed steady improvements as conditions allowed. We continue to innovate and focus on safety and are cautiously optimistic about the year ahead,” SMIC President Frederic C. DyBuncio said.

 

Retail

SM Retail Inc., which consists of non-food (THE SM STORE and specialty stores) and food stores, reported revenues at PHP296.8 billion, 19% lower than PHP366.8 billion in 2019. Net income was lower by 67% at PHP4.1 billion.

THE SM STORE opened two new stores in 2020 in Butuan and another in Zamboanga. The total gross selling area of all 66 department stores in 2020 stood at 816,958 square meters.

The food group, which includes SM Markets (SM Supermarket, SM Hypermarket and Savemore), Alfamart and WalterMart, added 287 new stores in 2020.

SM Retail added a total of 351 new stores in 2020 across the portfolio.

At year end 2020, SM Retail had a total of 3,019 outlets, comprising 66 THE SM STORES, 1,550 specialty retail stores, 59 SM Supermarkets, 52 SM Hypermarkets, 209 Savemore, 71 WalterMart and 1,012 Alfamart stores.

 

Property

SM Prime Holdings (SM Prime) recorded net income of PHP18.0 billion from PHP38.1 billion in 2019. Revenues were at PHP81.9 billion from PHP118.3 billion in 2019.

SM Prime’s Philippine mall business reported PHP23.6 billion revenues from PHP57.8 billion in 2019. Local malls’ rent income was at PHP21.8 billion from PHP48.4 billion in 2019. SM Prime opened SM City Butuan in Agusan del Norte and SM City Mindpro in Zamboanga in 2020.

SM Prime’s residential business, led by SM Development Corporation (SMDC), recorded a 6% revenue growth to PHP46.5 billion from PHP43.7 billion in 2019. SMDC’s reservation sales grew 10%, bringing the sales take-up to PHP99.0 billion from PHP90.0 billion in 2019.

The commercial properties business segment reported PHP4.8 billion in revenues from PHP4.6 billion in 2019. The hotels and convention centers business posted PHP1.6 billion revenues from PHP5.1 billion in 2019. SM Prime opened Olongapo City Convention Center in Zambales last year.

 

Banking

BDO Unibank, Inc. (BDO) posted a net income of PHP28.2 billion from PHP44.2 billion in 2019 due mainly to pre-emptive provisions of PHP30.2 billion set aside against potential delinquencies from the pandemic. Net interest income grew 12% to PHP133.7 billion. Loans increased 3% to PHP2.3 trillion driven by consumer and corporate accounts. CASA (Current Account Savings Accounts) deposits expanded 17% to PHP2.1 trillion as clients were able to access BDO products and services through its branches, ATMs and digital channels even despite the quarantine restrictions.

China Banking Corporation (China Bank) reported net income of PHP12.1 billion, 20% higher compared to 2019. Net interest income grew 30% to PHP33.8 billion on the back of a 39% drop in interest expense. Gross loans ended flat at PHP572 billion. Deposits were up 8% to PHP835 billion.

 

Balance Sheet

The total assets of SM grew 7% to PHP1.2 trillion. SM maintains a healthy balance sheet with a conservative gearing ratio of 37% net debt to 63% total equity.

In October, SMIC listed PHP10 billion worth of fixed rate bonds, the first issuance out of the PHP30 billion debt program under a shelf registration of three years.

Latest News

Lifestyle

Teleconsultation First Line Of Defense Vs. Covid-19 Mild Cases

The DOH has partnered with six telemedicine providers for free over the phone consultation to guide patients on what to do against Covid-19 with mild to moderate symptoms.

GMA Now: Highly Recommended By Netizens, Viewers!

GMA Network has its new device called GMA Now, which allows Android smartphone users to watch the live broadcast of Kapuso channels for free, gets high reviews for those who have experienced it!

Solon Urges Distribution Of Care Kits To Covid-19 Patients

Rep. Rowena Taduran said the Covid-19 kit should include the standard medicines that are given to mild to moderate Covid patients who cannot be immediately admitted to the hospital or quarantine facility due to lack of availability.

Why ABS-CBN’s “Huwag Kang Mangamba” Is Timely For Filipinos Now

Inspiring! ABS-CBN's newest teleserye "Huwag Kang Mangamba" is here to tell us that there are little miracles happening around us every day, if we only look harder.

Seafarer Artist Proves ‘Art Has No Limits’ Using Condiments, Garments In His Artworks

Mamangha sa galing ng Pinoy seaman sa pag-likha ng iba’t-ibang sining gamit ang kakaibang materyales na matatagpuan lamang sa kusina.

The Great Filipino Story