SM Investments (SM) Q4 2024 earnings summary

Executive summary

• Consolidated earnings grew across all core businesses, supported by positive consumer sentiment despite inflationary pressures and a high 2023 base.

• Retail performance in Q4 was driven by strong Food Retail and discretionary spending during the holiday season.

• Property segment growth was led by malls, with rental income up 8%.

• Portfolio investments contributed 7% of net income.

• Conservative gearing and a strong balance sheet were maintained.

Financial highlights

• FY 2024 consolidated revenues reached PHP 654.8B, up 7% year-over-year.

• Net income rose 18% to PHP 82.6B compared to the previous year.

• Total assets increased 7% to PHP 1,699.1B.

• Net debt to total equity ratio stood at 31:69.

Outlook and guidance

• Revenue growth in Q4 provides positive momentum into 2025, with a favorable outlook.