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SM Investments Earns P20B
- By The Financial District
- Aug 4, 2021
- 2 min read
SM Investments Corporation reported a consolidated net income of PHP20.1 billion in the January to June period, from PHP7.1 billion in the same period last year.
Photo Insert: SM Investments Corporation
Consolidated revenues rose 4% to PHP193.5 billion in the first half from PHP185.5 billion in the same period last year. Banking accounted for 58% of SM’s reported net earnings from core businesses, followed by property at 28% and retail at 14%.
Total assets were at PHP1.3 trillion. Gearing ratio stood at 39% net debt to 61% equity. “Our businesses continued to perform resiliently, recovering well as conditions allowed.
Our banking and residential businesses performed well as we also continued to invest in long term expansion with new stores, bank branches, residential project launches and investments in malls, as well as taking a majority stake in 2GO in our equity investment portfolio,” SM Investments President and Chief Executive Officer Frederic C. DyBuncio said.
In the six months ended June 2021, SM Retail and its affiliates added 159 stores while banks increased their network by 22 branches. Also, SM Development Corporation launched two residential projects, Sands Residences in Manila and Cheerful 2 Residences in Pampanga bringing over 3,900 new units to the market.
“We are hopeful that the recovery momentum continues as we see more Filipinos get vaccinated,” Mr. DyBuncio said.
In a strong drive to support national recovery, SM ordered over 500,000 doses of COVID-19 vaccines for its employees and for donation to the National Government.
With its commitment to promote safe and healthy communities, SM provides comfortable, convenient, safe, and accessible vaccination venues all over the country.
Almost two million COVID-19 vaccine doses were administered in more than 60 malls around the country. With the acquisition of additional shares in 2GO, SM Investments’ stake increased to 52.89% by end of June 2021, providing ownership control.
