SM Investments Sustains Online Push as Filipinos Return to Malls
SM Investments Sustains Online Push as Filipinos Return to Malls
(Bloomberg) -- SM Investments Corp., the largest Philippine conglomerate by market value, will continue to build up its online retail platform even as more people visit shops again amid looser virus mobility curbs.
While store visits and mall traffic have increased with economic reopening, SM Investments will still develop its online retail platform as e-commerce will “grow even more,” CEO Frederic DyBuncio told shareholders on Wednesday. In 2021, call-to-delivery transactions contributed 10% of non-food revenue due to mobility restrictions, he said.
The company will also enhance its sustainability initiatives and portfolio with the acquisition of Philippine Geothermal Production Co., DyBuncio said.
SM Investments will pay 6.25 pesos a share dividend on May 26, its highest since 2019. The company’s share price fell 1% in Manila trading on Wednesday, its second straight day of decline.
©2022 Bloomberg L.P.