SM Investment Corp. Reports 48% Drop in Net Profit

SM Investments Corp. (SMIC) reported a 48% drop in net profit to ₱23.4 billion in 2020. The net profit of SMIC is comprised of the banking (55%), property (33%), and retail (12%) sectors of SM. 

BDO Unibank reported a 36.2% drop in net profit to ₱28.2 billion.

SM Prime reported a 52.7% drop in net profit to ₱18 billion.

SM Retail Inc. reported a 67% drop in net profit to ₱4.1 billion.

Frederic DyBuncio, SM president, said “Our businesses continued to build momentum through the end of 2020 as they addressed the changed behaviors and needs of our customers,”

“We continue to innovate and focus on safety and are cautiously optimistic about the year ahead,” added DyBuncio.

Source: Inquirer