SM’s Net Income Down by Almost Half in 2020

SM's net income was at P23.4 billion, 48% lower than P44.6 billion in 2019.

SM Prime

PASAY CITY – SM Investments Corporation (SMIC) reported a nearly 50-per cent decline in net income last year.

The company said its net income was at P23.4 billion, 48% lower than P44.6 billion in 2019. Consolidated revenues stood at P394.2 billion from P502.0 billion in 2019. 

The banking and property businesses accounted for 55% and 33% of net income while retail contributed 12%. 

“Our businesses continued to build momentum through the end of 2020 as they addressed the changed behaviors and needs of our customers. Our banks, food retailing and residential property all performed well, while our malls and non-food retail operations showed steady improvements as conditions allowed. We continue to innovate and focus on safety and are cautiously optimistic about the year ahead,” SMIC President Frederic C. DyBuncio said. 


SM Retail Inc., which consists of non-food (THE SM STORE and specialty stores) and food stores, reported revenues at P296.8 billion, 19% lower than P366.8 billion in 2019. Net income was lower by 67% at P4.1 billion. 

THE SM STORE opened two new stores in 2020 in Butuan and another in Zamboanga. The total gross selling area of all 66 department stores in 2020 stood at 816,958 square meters. 

The food group, which includes SM Markets (SM Supermarket, SM Hypermarket, and Savemore), Alfamart, and WalterMart, added 287 new stores in 2020. 

SM Retail added a total of 351 new stores in 2020 across the portfolio. At year end 2020, SM Retail had a total of 3,019 outlets, comprising 66 THE SM STORES, 1,550 specialty retail stores, 59 SM Supermarkets, 52 SM Hypermarkets, 209 Savemore, 71 WalterMart, and 1,012 Alfamart stores.


SM Prime Holdings (SM Prime) recorded net income of P18.0 billion from P38.1 billion in 2019. Revenues were at P81.9 billion from P118.3 billion in 2019. 

SM Prime’s Philippine mall business reported P23.6 billion revenues from P57.8 billion in 2019. Local malls’ rent income was at P21.8 billion from P48.4 billion in 2019. 

SM Prime opened SM City Butuan in Agusan del Norte and SM City Mindpro in Zamboanga in 2020. 


BDO Unibank, Inc. (BDO) posted a net income of P28.2 billion from P44.2 billion in 2019 due mainly to pre-emptive provisions of P30.2 billion set aside against potential delinquencies from the pandemic. 

Net interest income grew 12% to P133.7 billion. Loans increased 3% to P2.3 trillion driven by consumer and corporate accounts. CASA (Current Account Savings Accounts) deposits expanded 17% to P2.1 trillion as clients were able to access BDO products and services through its branches, ATMs and digital channels even despite the quarantine restrictions.  –