The Philippines’ leading holding company, whose interests include market leading businesses in retail, property and banking and a growing portfolio of diverse equity investments, delivered double digit growth to both top and bottom line in the first quarter. SM posted robust net income growth of 26% to PHP10.7 billion (USD204 million) while consolidated revenues grew 15% to PHP109.0 billion (USD2,083 million).
"Our performance was strong across our businesses, particularly for our banks,” says SMIC President and Chief Executive Officer Frederic DyBuncio.
For SMIC, this sustained momentum carries opportunities to further expand its solid and growing interests in the country. “We are well capitalized to increase our domestic footprint and accelerate our business prospects including our equity investments in high-potential companies that can take advantage of the group’s strong synergies to propel their growth,” says DyBuncio. He added that SMIC’s total assets in first quarter this year, grew 12% to PHP1.1 trillion (USD20.80 billion).
SMIC has the most diversified and expansive presence in retail under SM Retail Inc. which operates food, non-food and specialty retail stores. Its property arm, SM Prime Holdings, the largest integrated property developer, has shopping malls in the Philippines and in China, and holds interests in residences, offices, hotels and convention centers and tourism-property developments. In banking, SMIC’s interests are in BDO Unibank, the country’s largest in terms of total assets, loans and deposits; and in China Banking Corporation, the sixth largest bank.
Well-placed for Value Creation
Apart from organic growth of its core portfolio, SMIC is enhancing its capabilities through its investments in new business and strong partners to enhance shareholder value. SMIC’s extensive network of businesses have proven track record of delivering value and energizing local economies where its businesses are present. Amid aggressive growth plans, SMIC has constantly embraced innovation, managed its growth responsibly and invested in opportunities to further grow its business.
SMIC has adapted well with technology that complements the operations of its diverse interests amid the rapidly changing business landscape and evolving consumer needs. Its investments in big data and analytics, cybersecurity, cloud computing and strategic digital banking initiatives are paving the way to serve consumers better. Likewise, SMIC has accelerated its omnichannel retail presence to capture e-commerce opportunities.
Towards a Sustainable Future
Aside from accelerated domestic expansion of its core businesses and reinforcing its capabilities with strategic partners, SMIC’s pillars of growth are anchored on good corporate governance and sustainable operations. The conglomerate’s contribution to the United Nations (UN) Sustainable Development Goals (SDGs) create positive impact to society by providing inclusive economic opportunities across the country – targeted social investments in education, healthcare, food security, environmental sustainability and social development programs to communities where SMIC is present.
SMIC’s banking businesses, BDO Unibank and China Banking Corporation, are leaders in climate-smart financing in the Philippines. The banks’ green bond issuance in 2017 and 2018 respectively, were a clear strategy to finance environmentally-sound projects.
“We are proud to be top ranked with the highest governance score based on the ASEAN Corporate Governance Scorecard as well as leading sustainability through our various initiatives and partnership for the first Global Reporting Initiative (GRI) Summit in the Philippines, and most importantly, being a signatory to the UN Global Compact,” says DyBuncio.
DyBuncio further underscores SMIC’s interests and active role in contributing to the achievement of the UN SDGs through its various sustainability advocacies and commitment to the principles of the UN Global Compact – alongside the company’s ability to manage growth, these are driving a more sustainable future for SMIC. He adds: “We will continue to challenge ourselves and remain focused on our key strategies, enhance efficient operations across the group and strengthen our ability to deliver enhanced shareholder value.”
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About SM Investments Corporation
SM Investments Corporation is a leading Philippine company that is invested in market leading businesses in retail, banking and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy.
SM’s retail operations are the country’s largest and most diversified with its food, non-food and specialty retail stores. SM’s property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels and convention centers as well as tourism-related property developments. SM’s interests in banking are in BDO Unibank, Inc., the country’s largest bank and China Banking Corporation, the 6th largest bank in assets.
Explore www.sminvestments.com to know more about SMIC.
For more information, please contact
Mr. Paul Arcenas
VP, Planning and Corporate Communications
SM Investments Corporation
Tel. No. (632) 857-0100 local 1039