Residential developer SM Development Corporation (SMDC) posted a consolidated net income of Php4.18 billion in 2011, increasing sharply by 38% from Php3.02 billion in 2010. Of the total, net profit from real estate operations amounted to Php4.04 billion, for a robust 58% growth from Php2.56 billion posted during the same period in 2010. Consolidated revenues amounted to Php16.99 billion, higher by 70% year-on-year. EBITDA amounted to Php4.95 billion, for a healthy EBITDA margin of 30%. Net earnings over the past 5-years have grown by an average of 44.6%.
SMDC’s revenues from real estate operations during the year soared 79% to Php16.18 billion from Php9.12 billion in 2010. The market continues to show strong acceptance of SM Residences and M Place products, backed by a deeper confidence on the company’s proven ability to complete its projects, thereby fueling to a large extent SMDC’s notable 2011 results. The consistent offerings of high-quality and well-designed residential units built by an experienced team composed of the country’s top contractors, engineers, architects, and interior designers also allowed SMDC to gain further traction and brand recognition.
For the whole of 2011, SMDC pre-sold 11,726 residential condominium units worth approximately Php26.27 billion. Compared to the same period in 2010, the number of units presold increased by 14% and exceeded the company’s sales target of Php23.57 billion by 11%.
Meanwhile, the company’s total assets for the period reached Php54.77 billion, 25% higher than Php43.70 billion attained in 2010, while its total liabilities stood t Php19.36 billion. SMDC’s stockholders equity amounted to Php35.41 billion, up 38% from Php25.66 billion during the previous year.
SMDC vice chairman and chief executive officer Henry Sy, Jr. said, “SMDC’s strong performance last year confirms the sustainability of its past successes. The company has already become one of the preferred brands in condominium living, thus attaining the necessary momentum to continue delivering positive results. We are also heartened by the firm support of SMDC’s shareholders and clients. Moving forward, SMDC’s commitment lies in responsible governance, sound financial management, and continued innovation to ensure the long-term sustainability of your company.”
In a recent study done by the Advisory and Research Services of Colliers International Philippines, SMDC captured the top spot corresponding to a 24% market share of the more than 25,000 residential condominium units that were sold by the industry during the second half of 2011, when SMDC sold more than 6,000 units. The company has consistently been number one in Colliers’ property surveys since July 2009. This trend continues for the entire 2011, during which the Metro Manila condominium market was characterized by strong competition.
http://smdevelopment.com/smdc/index.php?p=898&type=2&sec=90&aid=11419
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