SM Group profit hits P23.4 billion last year

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By: Philippine Star

MANILA, Philippines — SM Investments Corp. (SMIC), the investment holding company of the SM Group, reported a 48 percent drop in net income in 2020 to P23.4 billion as the negative impact of COVID-19 battered the company’s different businesses.

Consolidated revenues also slowed down to P394.2 billion from P502 billion in 2019.

Despite the lower income, SMIC president Frederic DyBuncio said business is gaining momentum.

“Our businesses continued to build momentum through the end of 2020 as they addressed the changed behaviors and needs of our customers. Our banks, food retailing and residential property all performed well, while our malls and non-food retail operations showed steady improvements as conditions allowed,” DyBuncio said.

 

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