SM grows net income by 53% in 2022
What: SM Investments Corporation reported its net income grew 53% to PHP61.7 billion in 2022 from PHP40.4 billion in 2021. Consolidated revenues hiked 28% to PHP553.8 billion compared with PHP432.4 billion last year.
Why it is important: Banking contributed 45% to net income with property accounting for 23%, retail contributing 21% and portfolio investments the remaining 11%. SM Retail reported revenues of PHP378.2 billion, from PHP304.0 billion, up 24%. Net income increased 86% to PHP17.9 billion from PHP9.6 billion.
SM continued to expand its retail footprint. THE SM STORE opened four new stores in 2022 in Cubao, Makati, Quiapo and Delgado. The food group, which includes SM Supermarket, SM Hypermarket, Savemore, Alfamart and Waltermart added 231 new stores in 2022. By the end of the year, SM Retail added a total of 348 new stores across the entire portfolio for a total of 3,512 outlets, consisting of 72 The SM Stores, 1,611 specialty retail stores, 65 SM Supermarkets, 54 SM Hypermarkets, 215 Savemore, 82 WalterMart and 1,412 Alfamart stores.
The total assets of SM grew 9% to PHP1.5 trillion. SM maintains a healthy balance sheet with a conservative gearing ratio of 35% net debt to 65% total equity.