Our Businesses
SM Retail
Our retail businesses are the heart of our group, driven by a deep understanding of Filipino customers. In 2024, retail contributed 66% of group revenues and 18% of earnings. We are a leader in food and non-food retailing with more than 30 brands across diverse formats. Partnering with over 100,000 suppliers – mostly micro, small, and medium enterprises – we expanded to 4,470 stores by year-end, strengthening our market presence. Our capital-light business model funds our own growth, enabling expansion while delivering strong cash flows and high returns.
SM Properties
Our property arm, SM Prime, is one of Southeast Asia’s largest integrated property developers. It operates 87 malls nationwide and 8 in China, anchoring our lifestyle city developments and retail formats. Strong recurring earnings from malls, offices, convention centers and hotels provide stable cash flow and fund our ongoing expansion plans. We also continue to lead in vertical residences across Metro Manila and expanding into provinces. SM Prime is a leader in upholding our commitment to disaster preparedness and resilience. SM Smart City, a 360-hectare reclamation project with the Pasay City government, continues to progress as a key development. In 2024, our property business delivered PHP45.6bn of earnings.
Banking
Our ownership stakes in BDO and Chinabank position us to grow with the Philippine economy and expand financial services to more Filipinos. Through BDO, we serve all segments across online and offline channels, with a focus on expanding financial inclusion via BDO Network Bank. Chinabank continues its legacy of relationship banking, supporting entrepreneurs and the middle market while innovating in new products and markets. Both banks remain well-capitalized and conservatively provisioned, ensuring sustainable financial strength. In 2024, they delivered record earnings, contributing 49% of group earnings.
Portfolio Investments
Beyond our market-leading core businesses, we strategically invest in high-growth, well-governed and profitable enterprises that create synergies within our ecosystem. Our portfolio companies operate on proven business models, driving their own growth through strong performance and self-funded expansions. With controlling stakes, we play an active role in their development while ensuring sustained value creation and attractive returns. In 2024, our portfolio investments contributed 7% of earnings, with a long-term goal of reaching mid-teens share even as our core businesses continue to grow.