SMIC posts solid growth in Q1, profit rises to P10.7B
SM Investments Corp. had a strong start to 2019 with first quarter earnings growing 26% year on year to P10.7 billion on robust contributions across all units, particularly banks.
Consolidated revenues expanded by 15% to P109 billion, SMIC said in a statement.
Banks accounted for 42% of SMIC’s consolidated net income, followed by property (40%) and retail (18%).
Banking arm BDO Unibank Inc. maintained its upward trajectory as profit soared 66% due to the continued expansion of its core banking operations, recovery of trading gains to normal levels and strong results from bank fees and life insurance premiums.
China Banking Corp. likewise saw its earnings grow 24% to P1.9 billion due to robust growth of its core businesses.
SMIC’s property business under SM Prime, reported a 16% percent jump in first quarter profit to P8.8 billion as revenues increased 14% to P26.5 billion.
SM Retail Inc., which consists of both food (SM Markets, WalterMart and Alfamart) and non-food (The SM Store and Specialty Retail), grew its net income 5% to P2.7 billion on the back of a 13% hike in revenues to P79 billion.
As of the end of March, SM Retail had a total of 2,385 stores comprising 63 The SM Stores, 1,388 specialty retail stores, 57 SM Supermarkets, 53 SM Hypermarkets, 194 Savemore, 52 WalterMart and 578 AlfaMart branches.