By Ben Otto
Philippine conglomerate SM Investments Corp. said its consolidated net profit in 2019 rose 20% due to higher contributions from its retail, property and banking businesses.
Net profit for the year was 44.6 billion Philippine pesos ($876.8 million), while revenue was up 12% at PHP501.7 billion, SM Investments said Friday.
Revenue from its retail business rose 9% to PHP366.8 billion, with the company adding more than 400 stores nationwide. Its property business contributed PHP118.3 billion in revenue, which was 14% higher.
The company's total assets rose 8% to PHP1.1 trillion as of the end of 2019, the company said.
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