The holding firm of country’s richest man Henry Sy, Sr. clocked in a 6% growth in earnings in 2017, fueled by the continued expansion of its property, retail, and banking units.
In a statement issued Wednesday, Feb. 28, SM Investments Corp. (SMIC) said net income grew to P32.9 billion last year, higher than the P31.2 billion it posted in 2016. The earnings growth comes amid a 9% increase in consolidated revenues to P396.1 billion.
“Our core businesses continued to deliver strong results in 2017 with recurring net income growth of 9%, driven by overall growth in the economy and our nationwide expansion plans. Our property and specialty retail businesses delivered particularly strong results,” SMIC President Frederic C. Dybuncio was quoted as saying in a statement.
SMIC has three core business interests, namely property, banking, and retail, which contributed 40%, 38%, and 22% to its total earnings, respectively. — Arra B. Francia