The Market Recap | SM Investment Corp. (SMIC) net income soared 27% -- a continued growth momentum

SM Investments Corp. (SMIC) posted double-digit growth in its interim net income and continued recovery from the global COVID-19 pandemic.

As reported, net income growth of 27% to PHP12.0 Billion in the January to March period vs. PHP 9.5 Billion in the same period last year.

As reported, consolidated revenue in the first quarter increased to 16% PHP112.1 Billion vs. PHP96.9 Billion in the same period last year.

“Our financial performance in the first quarter showed continued recovery momentum with accelerating revenue and net income growth. As a group, we are delivering pre-pandemic performance, with strong recovery continuing in our businesses that were hardest hit by the pandemic. While there are still headwinds from geopolitical risks, we continue to see consumer confidence gaining momentum,” -- SMIC President and CEO Frederic DyBuncio.

RELS:

BDO = 19%; SMDC = 29%; SMPH = 16%

SM Investments Corporation (SM) is a holding company of the SM Group with holdings in retail, property, and banking. Subsidiaries, SM Supermarket, SM Hypermarket, SaveMore, Walter Mart Supermarket, Inc., and Alfamart; property (SM Prime Holdings, Inc. and SM Development Corporation); and financial services (BDO Unibank, Inc. and China Banking Corporation).

The Company also has equity investments in other sectors such as premium commercial buildings (Neo Office Ph, Philippine Urban Living Solutions, and CityMall Commercial Centers Inc.); leisure (Belle Corporation), logistics (2Go Group, Inc., Airspeed and GrabPay JV), food (Goldilocks) and mining (Atlas Consolidated Mining & Development Corporation). -- PSE Edge.

Source: SEC FORM 17-C | PSE Edge

Author:

Carlos Payumo Garcia?|?Land Lord?|?Investment Banker?|?Capital Markets Professional?|?Real Estate Salesperson?| Lead Guitarist | Husband | Baptist

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