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Retail Trade

SM Investments Corp.

Company Background

SM Investments is the Philippines' largest conglomerate by market value. It was founded by Filipino-Chinese tycoon Henry Sy in a Manila shoe shop in the 1950s. Now, SM Investments' subsidiaries are among the biggest players in their sectors.

SM Retail is the Philippines largest retailer, operating department stores and supermarkets across the country. BDO Unibank is the Philippines' largest lender by assets, with more than 800 branches. SM Prime Holdings became the country's biggest real estate company by market value when the Sy family consolidated property assets under SM Prime, which used to be a mall builder and operator. SM Investments also has interests in China Banking, gaming and leisure company Belle, Atlas Mining and office lessor The Net Group.

The conglomerate is managed by Sy's children, Teresita, Elizabeth, Henry Jr., Hans, Herbert and Harley.

Business Summary

SM Investments Corp. operates as a holding company. It is engaged in financial services, retail, banking and properties in the Philippines. The firm operates through the following segments: Property, Retail and Banking & Others. The Property segment is involved in mall, residential and commercial development, hotels and convention centers operations. The Retail segment is engaged in the retail and wholesale trading of merchandise, such as dry goods, wearing apparels, food and other merchandise. The Banking & Others segment engages in asset management and capital investments. The company was founded by Henry Sy, Sr. on January 15, 1960 and is headquartered in Pasay, Philippines.

Financial Highlights

Dec 2022 PHPUSD
Gross Profit----
Operating income----
Income before tax----
Net income61,700M1,131.67M
Diluted EPS----
Dividends Per Share7.500.13
Total Assets1,500.00B26,916.69M
Total liabilities----
Total equity----
Operating cash flow----
Currency in PHPCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 430,623.82M 475,930.90M 377,149.33M 401,288.84M 553,800M
Gross Profit 158,708.23M 173,318.78M 117,556.57M 127,577.16M --
Operating income 67,798.85M 79,791.67M 41,143.82M 49,701.59M --
Income before tax 74,130.33M 60,576.07M 24,379.29M 34,701.91M --
Net income 37,078.32M 44,568.24M 23,389.95M 38,499.89M 61,700M
EBITDA 82,960.06M 99,162.51M 59,907.40M 70,397.96M --
Diluted EPS 30.78 36.99 19.41 31.96 --
Dividends Per Share 9.12 4.25 4.25 6.25 7.50
Total Assets 1,060.64B 1,144.16B 1,224.52B 1,341.58B 1,500.00B
Total liabilities 568,352.25M 608,013.08M 659,795.83M 729,146.74M --
Total equity 353,387.20M 382,627.07M 403,832.94M 436,436.74M --
Operating cash flow 51,230.25M 53,279.85M 22,660.47M 37,307.92M --
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 8,173.89M 9,191.33M 7,603.74M 8,140.62M 10,157.53M
Gross Profit 3,012.52M 3,347.19M 2,370.06M 2,588.05M --
Operating income 1,286.92M 1,540.96M 829.50M 1,008.25M --
Income before tax 1,407.10M 1,169.86M 491.51M 703.96M --
Net income 703.80M 860.71M 471.56M 781.01M 1,131.67M
EBITDA 1,574.70M 1,915.05M 1,207.79M 1,428.10M --
Diluted EPS 0.58 0.71 0.39 0.64 --
Dividends Per Share 0.17 0.08 0.08 0.12 0.13
Total Assets 20,170.05M 22,591.85M 25,498.42M 26,309.49M 26,916.69M
Total liabilities 10,808.25M 12,005.39M 13,739.02M 14,299.09M --
Total equity 6,720.30M 7,555.08M 8,409.06M 8,558.84M --
Operating cash flow 972.42M 1,028.95M 456.85M 756.83M --

Valuation Measures

Dec 2022
Operating margin--
Profit margin11.14%


  • President, CEO & Executive Director: Frederic Cuyegkeng DyBuncio
  • Chief Financial Officer, Chairman-Emeritus & EVP: Jose T. Sio
  • Senior Vice President-Information Technology: Wilson H. Go
  • Senior VP, Chief Risk & Compliance Officer: Wellington Palmero
  • Vice President: Alexei Jerome Garcia Jovellana


  • SY HANS T (8.5%)
  • SY HARLEY TAN (7.6%)
  • SY HERBERT T (7.6%)
  • SY ELIZABETH T (6.3%)
  • SY HENRY T JR (6.2%)
  • Estate Of Sy Henry Sr (2.3%)
  • Tansmart Corp. (2.2%)
  • Invesco Advisers, Inc. (1.4%)

Contact Details

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Last Updated on 25 Sep, 2023

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