PR98737

PASAY CITY, Philippines, Nov. 10, 2022 /PRNewswire=KYODO JBN/ --

SM Investments Corporation reported a consolidated net income of PHP42.9

billion in January to September period, higher by 50% from PHP28.6 billion in

the same period last year.

Consolidated revenues rose 31% to PHP381.9 billion in the first nine months

from PHP292.6 billion in the same period last year.

"We continued to gain momentum in our growth this quarter, supported by

increased economic activity and strong consumer sentiment. With encouraging

results, we remain confident about sustained growth in the fourth quarter," SM

Investments President and Chief Executive Officer Frederic C. DyBuncio said.

"With the addition of Philippine Geothermal Production Company and profitable

performance across our invested companies, our portfolio investments have also

become a meaningful contributor to the group," Mr. DyBuncio added.

SM Investments received approval from the Securities and Exchange Commission to

acquire the 81% stake of related parties in Allfirst Equity Holdings Inc. This

transaction brought SM Investments' ownership in PGPC to 100%.

Portfolio companies accounted for 13% of reported net earnings with banking at

45%, followed by property at 23%, and retail at 19%. Total assets were at

PHP1.5 trillion. Gearing ratio stood at 38% net debt to 62% equity.

SM Retail net income in the first nine months was at PHP11.5 billion from

PHP4.8 billion in the previous period, up 138% and surpassing 2019 pre-pandemic

levels.

With the resumption of face-to-face schooling, there was a pick-up in demand

for school essentials--shoes, bags and other supplies.

Retail revenues grew 26% to PHP258.1 billion from PHP204.9 billion in the

previous period.

Net income for specialty stores grew 139% and revenues were up 35% as

discretionary spending continued to be strong.

"Increasing employment and higher OFW remittances across the country helped

fuel spending and we anticipate continued momentum towards the fourth quarter

with the resumption of normalized holiday activities," Mr. DyBuncio said.

SM Prime Holdings, Inc. reported PHP22.0 billion in consolidated net income in

the first nine months, 41% higher than last year's PHP15.6 billion.

BOO Unibank, Inc. grew its net income to PHP40.0 billion in the first nine

months compared with PHP32.4 billion in the same period last year on solid

results across its core businesses.  

China Banking Corporation reported a net income of PHP14.7 billion in the first

nine months, up 31% year-on-year, on higher top line revenues and core fee

income.

SOURCE: SM Investments Corporation