PASAY CITY, Philippines, November 10, 2022 /PRNewswire/ — SM Investments Corporation reported consolidated net income of PHP42.9 billion in January to September period, higher by 50% off PHP28.6 billion in the same period of the previous year.
Consolidated sales increased by 31% 381.9 billion PHP in the first nine months PHP 292.6 billion in the same period of the previous year.
“We continued to gain momentum in our growth this quarter, supported by increased economic activity and strong consumer sentiment. Given the encouraging results, we remain confident of delivering sustained growth in the fourth quarter,” said SM Investments President and Chief Executive officers Frederic C. Dy Buncio said.
“With the addition of the Philippine Geothermal Production Company and the profitable performance of all of our invested companies, our portfolio investments have also become a significant contributor to the Group,” added Mr. DyBuncio.
SM Investments received approval from the Securities and Exchange Commission to acquire the related party’s 81% interest in Allfirst Equity Holdings inc This transaction increased SM Investments’ stake in PGPC to 100%.
Portfolio companies accounted for 13% of reported net income with bank at 45%, followed by real estate at 23% and retail at 19%. The balance sheet total was 1.5 trillion PHP. The gearing ratio was 38% net debt to 62% equity.
SM Retail net income in the first nine months was included 11.5 billion PHP out PHP4.8 billionup 138% in the previous period, surpassing pre-pandemic 2019 levels.
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