SM INVESTMENTS Corp. reported a seven percent increase in consolidated net income to P82.6 billion in 2024, up from P77 billion in 2023. Revenues grew six percent to P654.8 billion, driven by strong performances across banking, property, retail and portfolio investments.
Banking remained the top contributor, accounting for 49 percent of net income, followed by property (26 percent), retail (18 percent) and portfolio investments (seven percent).
SM Retail’s net income rose to P20.9 billion, while revenues increased five percent to P434.5 billion. Food retail posted the highest growth at eight percent, fueled by store expansion and strong customer demand. Specialty stores saw a three percent revenue uptick, while department stores remained steady.
SM Prime Holdings Inc., the property arm, recorded a 14 percent increase in net income to P45.6 billion, supported by higher rental income, real estate sales and revenue from services. Malls contributed 55 percent of total revenue, while residential developments accounted for 34 percent.
BDO’s net income climbed 12 percent to P82 billion, with gross loans growing 13 percent to P3.2 trillion and deposits rising six percent to P3.8 trillion. China Banking Corp. also posted 13 percent growth, earning P24.8 billion in net income, supported by a 21 percent revenue increase to P65.5 billion.
Portfolio investments saw strong contributions from Philippine Geothermal Production Company (46 percent of portfolio net income), NEO (22 percent) and Belle Corp. (10 percent). SM Investments also expanded its network with 619 new retail stores, two malls and 73 bank branches, focusing on provincial markets.
“We ended 2024 with strong momentum despite economic challenges, positioning us well for continued growth in 2025,” said SM Investments president and chief executive officer Frederic DyBuncio. / KOC