smic

SMIC marks 11th year of growth

(Source: The Philippine Star | 27 March 2016)

SM Investments Corp. (SMIC) has seen steady growth in both its net income and revenues in the past 11 years, driven by its strong corporate story. SMIC noted an average annual growth of 12.49 percent and 17.15 percent in profit and revenues, respectively.

“Investors acknowledge the SM growth story. It’s commitment to the Philippines is apparent with its retail, banking and property footprint constantly expanding and harnessing the opportunities and synergies across its businesses to deliver optimal results for the past 11 years,” said Corazon Guidote, senior vice president for investor relations at SMIC.

When it listed in 2005, the company had total assets of only P169.9 billion and a market capitalization of P127.2 billion. Assets have significantly grown to P771 billion as of the end of 2015.

SMIC’s market capitalization has increased more than five-fold to P693 billion as of March 21 this year.

Jose Sio, SMIC chief finance officer, said the SM story has inspired and surprised many.

“SM is a story of leadership, innovation, commitment, focus and a collective effort to advance the great legacy that Mr. Henry Sy Sr. built,” Sio said.

Meanwhile, SMIC is merging all its retail related companies under SM Retail Inc.  Among these retail companies include Ace Hardware, SM Appliance Center, Homeworld, Our Home, Toy Kingdom, Watsons, Kultura, Baby Company and several other specialty stores.

The combined entity will have 1,927 outlets and 2.4 million square meters of gross floor area across a diverse portfolio of food, household appliances, DIY, furniture, apparel, footwear, pharmaceuticals/cosmetics and specialty retailing stores.

The portfolio will serve a wide range of Filipino consumer needs in both staple and discretionary goods categories and will continue to leverage extensive synergies across the SM Group.

Post-merger, SM will own 77.3 percent of the enlarged SM Retail Inc.

SMIC is one of the leading conglomerates in the Philippines with highly synergistic businesses in retail, banking and property development. SM has evolved into one of the most highly respected companies in the country owing to its progressive approach in business and its comprehensive sustainability programs for its host communities through SM Foundation and SM Cares.

— By Iris Gonzales

 

Read more: http://www.philstar.com/business/2016/03/27/1566352/smic-marks11th-year-growth

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