Skip to content

Philippines Today

home of the Global Filipino

Menu
  • News Stories
  • Regional News
  • Business & Economy
  • Science & Technology
  • International
Menu

SM profit jumps to Php28.4-B in 2014

Posted on March 4, 2015

By Leslie D. Venzon

MANILA, March 4 (PNA) — Philippine conglomerate SM Investments Corp. (SM) booked a 3.65-percent increase in profit in 2014 on the back mainly of its banking and property businesses.

In a disclosure to the Philippine Stock Exchange, SMIC said its consolidated net income reached Php28.4 billion last year from Php27.4 billion in 2013.

Consolidated revenues grew nine percent to Php275.7 billion in 2014 from Php253.3 billion the previous year. This was the result of a good retail sales environment which also boosted rental revenues in SM’s property business.

SM President Harley T. Sy attributed the group’s strong underlying earnings growth of 14.4 percent in 2014 to solid performance and ongoing expansion in its three core businesses.

“During the year, we raised additional capital and entered into several strong partnerships, accelerating our investments for growth and ensuring we expand in line with our continuing optimism about the economic prospects of the Philippines,” he said.

SM’s underlying earnings growth was mainly driven by BDO Unibank Inc. which posted a core income growth of 18 percent.

Together with China Banking Corp., banks accounted for 41 percent of SM’s consolidated net income in 2014. Property contributed 38 percent and retail 21 percent.

BDO recorded net income attributable to equity holders of the parent of Php22.8 billion compared with Php22.6 billion in 2014. BDO’s recurring income grew 18 percent, excluding one-off trading gains in 2013.

Meanwhile, China Banking Corporation (China Bank) posted a full-year consolidated net income of Php5.11 billion in 2014 on the back of sustained growth in core business operations.

SM also drew strength from its property operations through SM Prime Holdings Inc. which posted consolidated net income of Php18.4 billion last year, up 13 percent from Php16.72 billion in 2013.

Last year marked a significant milestone as SM Prime opened its 50th mall in Angono, Rizal province, bringing its total gross floor area to 6.5 million square meters.

SM Prime also now operates five malls in China and plans to open one mall per year going forward.

Its retail operations under SM Retail Inc. sustained its growth with net income increasing by 3.3 percent to Php5.9 billion while total sales rose nine percent to Php197.1 billion.

At end 2014, SM Retail had a total of 269 stores, comprising 50 SM Stores, 40 SM Supermarkets, 42 SM Hypermarkets, 113 Savemore stores and 24 WalterMart stores. (PNA)

Share this:

  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • More
  • Tumblr
  • Reddit

Related

News Categories

  • Announcement (34)
  • Business & Economy (1,567)
  • Comment and Opinion (74)
    • Random Thoughts (18)
  • Current Issues (425)
    • Charter Change (1)
    • Election (228)
    • Population (6)
  • International (389)
  • Life In Japan (66)
    • Everything Japan (41)
  • Literary (34)
  • Miscellaneous (610)
  • News Stories (5,312)
  • OFW Corner (297)
  • Others (75)
  • People (408)
  • Press Releases (163)
  • Regional News (3,362)
  • Science and Technology (502)
  • Sports & Entertainment (287)

Latest News

  • BSP keeps policy rates anew December 17, 2015
  • NEDA cuts PHL additional rice import for 2016 by 25% December 17, 2015
  • DA cites serious implications of banning genetically modified products December 17, 2015
  • BBL is not yet dead – Drilon December 17, 2015
  • Comelec recognizes Duterte’s CoC for president December 17, 2015
  • NEDA chief sees 2015 growth at 6% despite typhoons December 17, 2015
  • House of Representatives ratifies bicam report on P3.002-T national budget for 2016 December 17, 2015
  • Cebu-based developer invests PHP430M to build 709 townhouse units in north Cebu town December 17, 2015
  • City gov’t eyes P75-M income from economic enterprise December 17, 2015
  • Baguio City LGU presents traffic plan for holiday season December 17, 2015

Archives

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Science and Technology

  • DOST-ICTO targets 500,000 web-based workers from countryside by 2016
  • (Feature) STARBOOKS: A ‘makeover’ for librarians
  • Science, research reduce ‘cocolisap’ hotspot areas in PHL
  • Montejo to further improve PAGASA and empower scientists
  • 1st PPP in biomedical research produces knee replacement system fit for Asians

Press Releases

  • Microsoft to buy Nokia’s mobile devices business for 5.44-B euros
  • New World Bank climate change report should spur SEA and world leaders into action: Greenpeace
  • Save the Philippine Seas before it’s too late — Greenpeace
  • Palanca Awards’ last call for entries
  • Philippines joins the global call for Arctic protection

Comment and Opinion

  • Remembering the dead is a celebration of life
  • Killer earthquake unlikely to hit Panay Island in near future – analyst
  • It’s not just more fun to invest in the Philippines, it is also profitable, says President Aquino
  • How does one differentiate a tamaraw from a carabao?
  • Fun is not just about the place, it is also about the people, says DOT chief

OFW Corner

  • Ebola infection risk low in Croatia
  • Death toll rises to 41, over 100 still missing in landslide in India
  • Asbestos use in construction a labor hazard
  • 500,000 OFWs to benefit POEA on-line transactions — Baldoz
  • 25 distressed OFWs return home from Riyadh
©2025 Philippines Today | Design: Newspaperly WordPress Theme