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SMDC profit jumps 62% to P3B in 2010 on robust sales

By Zinnia B. Dela Peña (The Philippine Star) Updated February 12, 2011 12:00 AM
MANILA, Philippines - SM Development Corp. (SMDC), the property arm of the SM group of taipan Henry Sy, said yesterday its net income jumped 62 percent last year due to robust sales across all projects.
In a disclosure to the Philippine Stock Exchange, SMDC said its 2010 net earnings reached P3 billion, compared with P1.9 billion a year earlier while consolidated revenues surged 74 percent to P10 billion. The company pre-sold 10,338 residential units valued at P21.8 billion, or a whopping 129 increase from the previous year.
Income from real estate operations amounted to P2.66 billion, up 66 percent from P1.5 billion, while EBITDA amounted to P3.7 billion for an EBITDA (earnings before interest, taxes, depreciation and amortization) margin of 40 percent.
The company’s revenues from real estate operations rose 73 percent to P9.1 billion from P5.3 billion.
SMDC attributed its strong performance to the further completion of projects and sustained warm market acceptance of SM Residences and MPlace units.
 “The strong results achieved by SMDC in 2010 attest to the proven viability of its business model, which is to provide high quality residences in strategic locations at affordable price points,” SMDC vice chairman and chief executive officer Henry Sy Jr. said
“The successful execution of this model resulted in large part through SMDC’s dedicated executives, managers and employees, who I sincerely thank for their firm commitment to our vision and their invaluable service to our clients, shareholders, and all other stakeholders.”
As of end-December last year, SMDC’s total assets stood at P43.6 billion, 111 percent higher than the P20.7 billion recorded in 2009. Total liabilities reached P17.9 billion while stockholders’ equity stood P25.7 billion.
SMDC has a current portfolio of 14 residential projects, 13 of which are in Metro Manila and one in Tagaytay City in Cavite. Last year, the company launched its new brand, MPlace, through the unveiling of its inaugural project, MPlace South Triangle, in the Panay Avenue – Mother Ignacia area of Quezon City.
Together with the company’s SM Residences brand, MPlace bolsters SMDC’s market presence and product offerings. Another project, Blue Residences located at Loyola Heights in Quezon City, was also launched last year.
With many of its residential projects nearly sold out, SMDC plans to unveil five more projects this year.
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