By Keren Concepcion G. Valmonte, Reporter
SM INVESTMENTS Corp.’s (SMIC) consolidated net income in the first nine months surged by 79% to P27.2 billion from P15.2 billion a year ago, the company said, as its business units showed resilience in the third quarter.
“Our third quarter results reflect the resilience of all our businesses and early signs of the economy opening up,” SMIC President and Chief Executive Officer Frederic C. DyBuncio said in a statement on Wednesday.
“With improved vaccination rates across the country and lower COVID-19 (coronavirus disease 2019) cases, we are optimistic about conditions for the fourth quarter, but continue to be vigilant about risks,” he added.
SMIC’s nine-month consolidated revenues amounted to P289.4 billion, inching up by 5% from P276.4 billion year on year.
Its banking units accounted for over half or 60% of the company’s net earnings from core businesses, while property made up for 27% and its retail business contributed 13%.
BDO Unibank, Inc. generated a P32.4-billion net income in the first nine months, surging by 95.7% from P16.6 billion in the same period last year due to its “resilient business franchise” and normalized provisions.
Meanwhile, China Banking Corp.’s consolidated net income improved by 35% to P11.2 billion, owing to its sustained core business growth and effective cost management.
The consolidated net income of its listed property firm, SM Prime Holdings, Inc., inched up by 9% year on year to P15.6 billion from P14.4 billion despite lower revenues. SM Prime’s consolidated revenues declined by 6% to P56.8 billion from P60.7 billion from a year ago.
SM Prime aims to source over 50% of its businesses’ electricity consumption from renewable resources by the end of next year. The company said it is their commitment to support the country’s goal of having a 35% renewable energy supply by 2030.
In the third quarter, both the SMIC and SM Prime became signatories to support the Task Force on Climate-related Financial Disclosures, “demonstrating their commitment to safeguarding against climate risk through better disclosures.”
Meanwhile, SM Retail booked a retail net income of P4.8 billion, up by 118.18% from the P2.2 billion logged in the previous period as sales of SM STORE and its specialty stores continue to grow coupled with its continued cost management efforts.
Retail revenues of SM Retail amounted to P204.9 billion, inching down from the P206.1 billion recorded due to pantry loading.
SMIC shares declined by 0.91% or P9 to close at P975 apiece on Wednesday.