In a stock exchange filing on Friday, the conglomerate said consolidated revenues last year rose 6 percent to P654.8 billion, up 6 percent from the previous year.
Banking (BDO Unibank, China Banking Corp.) accounted for the largest share of net income at 49 percent, followed by property (SM Prime) at 26 percent, retail (SM Retail) at 18 percent, and portfolio investments at 7 percent.
Management’s view
“We ended 2024 with a strong performance, despite the high base of 2023 and inflationary headwinds during the year,” said Frederic C. DyBuncio, president and CEO of SM Investments.
“Our core businesses all grew, supported by positive macroeconomic fundamentals and healthy consumer sentiment. The fourth quarter registered the highest revenue growth rate of 9.4 percent, giving us solid momentum into 2025,” he added.
Portfolio investments
Outside its core businesses, SM Investments has key assets in renewable energy, transport, and gaming.
In the filing, it said portfolio assets “continued to perform positively,” citing contributions from Philippine Geothermal Production Co. (46 percent), NEO (22 percent), and Belle Corp. (10 percent).
Segment breakdown
While most of its core businesses are publicly listed, the SM Group keeps the retail arm privately held.
In 2024, it earned P20.9 billion in net income, up from P19.9 billion last year, while total revenues rose 5 percent to P434.5 billion, with food retail leading growth.
Property
SM Prime reported P45.6 billion in net income, an increase of 14 percent, while revenues climbed 10 percent to P140.4 billion.
The growth was fueled by stronger rental income, real estate sales, and experiential offerings.
Banking
BDO remained SM’s biggest profit driver, with P82 billion, a 12-percent gain from last year, as loan demand surged across all segments.
China Bank’s net income rose 13 percent to P24.8 billion, supported by higher loan demand and a 21-percent jump in revenues to P65.5 billion.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
