SM Investments Earns P27.2 Billion

SM Investments Corporation reported a consolidated net income of PHP27.2 billion in the January to September period, higher by 79% from PHP15.2 billion in the same period last year.

Photo Insert: SM Seaside

Consolidated revenues rose 5% to PHP289.4 billion in the first nine months from PHP276.4 billion in the same period last year. Banking accounted for 60% of SM’s reported net earnings from core businesses, followed by property at 27% and retail at 13%. Total assets were at PHP1.3 trillion.

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Gearing ratio stood at 40% net debt to 60% equity. “Our third quarter results reflect the resilience of all our businesses and early signs of the economy opening up. With improved vaccination rates across the country and lower COVID-19 cases, we are optimistic about conditions for the fourth quarter, but continue to be vigilant about risks,” SM Investments President and Chief Executive Officer Frederic C. DyBuncio said.

In the third quarter, the SM group made significant commitments towards sustainability and climate change.

SM Investments and SM Prime Holdings Inc. both formally joined as signatories in support of the Taskforce for Climate-related Financial Disclosures (TCFD), demonstrating their commitment to safeguarding against climate risk through better disclosures.

SM Prime announced that it will target more than 50% of electricity use across its businesses to come from renewable sources by the end of 2022, a commitment in support of the Philippine national goal of 35% renewable energy supply by 2030.

As part of its sustainability advocacy, the SM group also hosted its third conference with the Global Reporting Initiative (GRI), a two-day regional event “Leaving No One Behind: Private Sector in Solidarity for Sustainable COVID-19 Recovery and Delivering the SDGs (Sustainable Development Goals)”, bringing together over 30 speakers and panelists from across Asia.

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