SM Investments Q1 net income grows 27%

What: SM Investments Corporation reported its consolidated net income grew 27% to PHP12.0 billion in the January to March period from PHP9.5 billion in the same period last year.

Why is it important: SM Retail reported first-quarter revenues of PHP74.5 billion, higher by 6% compared to PHP70.0 billion in the same period last year. Notably, overall retail revenues are 94% of pre-pandemic revenues, indicating pent-up demand, especially for non-food items since the fourth quarter of last year with the easing of alert levels. Specialty stores performed well with revenues up 11% and net income higher by 52%.

Recently, the shareholders of SM Investments approved the acquisition of Philippine Geothermal Production Company (PGPC) at the Annual Shareholders’ Meeting. This is in line with SM’s strong commitment to sustainability and in promoting renewable energy in the country.

The total assets of SM Investments stood at PHP1.4 trillion. Gearing ratio stood at 38% net debt to 62% total equity.