SM Investments launches second integrated report
What: The Integrated Report covers the period January 1 to December 31, 2021 and discloses the company’s performance and actions on how it affects the commercial, social and environmental context within the area in which it operates.
Why it is important: With this year’s theme of ‘Together, We Recover,’ SM Investments has further communicated the value of sustainable business practices across its portfolio as it features stories on innovation and community support amid the ongoing impacts of the COVID-19 pandemic.
“Through this report, we highlight the huge impact SM’s businesses and our wide ecosystem had last year – in financial performance, vaccination rollout, economic recovery, disaster response and resilience and in addressing climate change,” the company declares. As restrictions on mobility continue to ease, SM has also expressed optimism on the rebound of the country’s economy and the gradual reopening of the Philippines under the ‘new normal.’
SM Retail contributes 17% of the company income. Compared to 2020, SM Retail revenues grew 2% and the net income grew by 133% in 2021. In 2021, despite the challenging conditions of the pandemic, two department stores were opened in SM City Daet, Camarines Norte, and SM City Grand Central in Caloocan. The report also states that in 2021, the Call to Deliver service accounted for 10% of total non-grocery sales.