SM Investments net income grows 79% to EUR 473 million in nine-month period
What: Consolidated net income has grown 79% since the same period last year.
Why it is important: Due to the group’s various activities (Retail, Property, and Banking), consolidated net income has seen 79% growth compared to the January to September period last year.
SM Investments Corporation reported a consolidated net income of EUR 473 million in the January to September period, higher by 79% from EUR 263 million in the same period last year.
Consolidated revenues rose 5% to EUR 5 trillion in the first nine months from EUR 4.8 trillion in the same period last year.
Banking accounted for 60% of SM’s reported net earnings from core businesses, followed by property at 27% and retail at 13%. Total assets were at EUR 23 billion. Gearing ratio stood at 40% net debt to 60% equity.
In the third quarter the SM group made significant commitments towards sustainability and climate change. SM Investments and SM Prime Holdings Inc. both formally joined as signatories in support of the Taskforce for Climate-related Financial Disclosures (TCFD), demonstrating their commitment to safeguarding against climate risk through better disclosures.
SM Prime announced that it will target for more than 50% of electricity use across its businesses to come from renewable sources by the end of 2022, a commitment in support of the Philippine national goal of 35% renewable energy supply by 2030.