MANILA, Philippines - SM Investments Corp. reported its net income jumped 3.6 percent to a record P28.4 billion in 2014, from P27.4 billion in the previous year.
SM Investments, owned by the family of the Philippines' richest man Henry Sy, said its recurring net income grew 14.4 percent last year.
"The group’s strong underlying earnings growth of 14.4 percent in 2014 was the result of solid performance and ongoing expansion in all our three core businesses. During the year we raised additional capital and entered into several strong partnerships, accelerating our investments for growth and ensuring we expand in line with our continuing optimism about the economic prospects of the Philippines," SM President Harley T. Sy said.
The company said the profit growth was driven by BDO Unibank, which posted an 18 percent increase in core income growth.
BDO and China Banking Corporation accounted for 41 percent of SM’s consolidated net income in 2014, while property accounted for 38 percent and retail 21 percent.
SM Investments' consolidated revenues went up 9 percent to P275.7 billion in 2014, attributed to a stable retail sales environment that helped boost rental revenues in its property businesses.
BDO, the largest bank in the country, posted P22.8 billion in net income attributable to equity holders of the parent in 2014, while China Bank reported its consolidated net income hit P5.11 billion in 2014.
SM's property operations, through SM Prime Holdings, posted consolidated net income of P18.4 billion in 2014, up 13 percent as revenue grew 11 percent to P66.2 billion.
Retail operations under SM Retail Inc. also saw continued growth, with net income increasing by 3.3 percent to P5.9 billion.