SM results for 2020
SM Investments Corporation has announced results for the full year to end December 2020.
The group’s consolidated revenues were down 21% at PHP 394.2 bn while earnings decreased by 48% to PHP 23.4 bn. Of that total, banking represented 55%, property 33% and retail 12%. In the property division, two malls opened in Mindanao in Q4, and the malls continued to support their retail tenants.
The retail division including SM Store department stores, specialty and food retail had revenues down overall by 19% although the food saw an increase. SM Store was down 52% to PHP 54 bn, with a loss of PHP 2.7 bn. There are now 66 department stores covering 817 000 sqm.
According to management, all divisions are active in their support of stakeholders and are innovating to address changed customer needs and behaviour.