SM grows net income by 53% in 2022 in strong post pandemic recovery

PASAY CITY, Philippines, Feb. 28, 2023 /PRNewswire/ -- SM Investments Corporation reported its net income grew 53% to PHP61.7 billion in 2022 from PHP40.4 billion in 2021.

Consolidated revenues hiked 28% to PHP553.8 billion compared with PHP432.4 billion last year.

"All of our business units delivered strong results, reflecting the Philippines' economic recovery last year and the actions we took during the pandemic. We are stronger today having prioritized our people, our tenants, our business partners and our communities during the difficult times. SM also innovated and improved efficiencies across the board, and today we are focused again on expanding our footprint across the regions to serve more Filipinos," SM Investments President and Chief Executive Officer Frederic C. DyBuncio said.

Banking contributed 45% to net income with property accounting for 23%, retail contributing 21% and portfolio investments the remaining 11%.

Among its portfolio investments, SM gained full ownership of Philippine Geothermal Production Company (PGPC) which pioneered the commercial development of geothermal resources in South East Asia in 1971. SM also increased its stake in its other logistics business, Airspeed to 51% from 35% to further support the movement of goods in a reopened economy.

"We increased our stakes in a number of companies that are investments in the growing Philippine economy and a testament to our commitment to sustainability. These companies are all profitable and generating significant contributions to our group earnings," Mr. DyBuncio added.

Retail

SM Retail Inc., which consists of food and non-food stores, reported revenues of PHP378.2 billion, from PHP304.0 billion, up 24%. Net income increased 86% to PHP17.9 billion from PHP9.6 billion. 

Retail's robust performance was lifted by the return to face-to-face schooling and a strong last quarter due to vibrant holiday spending.

SM continued to expand its retail footprint. THE SM STORE opened four new stores in 2022 in Cubao, Makati, Quiapo and Delgado.  The food group, which includes SM Supermarket, SM Hypermarket, Savemore, Alfamart and Waltermart added 231 new stores in 2022. By the end of the year, SM Retail added a total of 348 new stores across the entire portfolio for a total of 3,512 outlets, consisting of 72 The SM Stores, 1,611 specialty retail stores, 65 SM Supermarkets, 54 SM Hypermarkets, 215 Savemore, 82 WalterMart and 1,412 Alfamart stores. 

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SOURCE SM Investments Corporation