SM Investment posts P38.5-B net profit, up 65%

MANILA — SM Investment Corp said on Monday it recorded a net profit of 38.5 billion pesos in 2021, up 65% from 23.4 billion pesos in 2020.

Consolidated revenue rose 9% to P428.1 billion from P394.2 billion, the Sy-led group said in a statement to the stock exchange.

Mobility restrictions related to COVID-19 partially eased in December as cases stabilized, in time for the holiday season.

“We saw a rebound in consumer spending heading into Christmas as restrictions across the country eased. This led to improved performance from our retail and shopping center units, our banks continuing to deliver strong results,” said Frederick DyBuncio, President and CEO of SM Investments. .

“We hope that further easing of restrictions after the latest surge in COVID cases will lead to a sustained recovery of the economy and our businesses as the country adjusts to life with the virus,” he said. he adds.

Banking contributed 51% to net income, followed by property accounting with 25%, retail with 17% and portfolio investment with 7%, SMIC said.

In 2020, SMIC increased its stake in Goldilocks Bakeshop to 74% and 2GO Group Inc to 53%.