Sy-led SMDC profits hit P4.9-B in 2012

MANILA, Philippines – The property development unit of the Henry Sy group reported consolidated net income of P4.9 billion in 2012, a 17.5% increase.

In a statement on Wednesday, February 20, SM Development Corp (SMDC), one of the aggressively expanding real estate developers in the Philippines, said this amount reflects a healthy net margin of 22.7%.

Below are the highlights of its performance for 2012:

• Net income from real estate sales reached P4.7 billion, up 16.4% from P4.0 billion in 2011. 
• Revenues from real estate sales reached P21.6 billion, up 33.3% from P16.2 billion 
• EBITDA hit P5.6 billion, translating to an EBITDA margin of 26%
• Return on equity was at 13.0% from 12.0% in 2011
• Assets reached P79.4 billion, up 47.3%
• Net debt to equity ratio 29% to 71% 
• Number of units sold reached 12,614, up 7.6% from 11,726 units in 2011
• Reservation sales reached P31.7 billion, up 20.8% from P26.3 billion

Residential units

According to SMDC, most of the units sold during the year were from

• Shell Residences in the Mall of Asia Complex
• Green Residences along Taft Avenue
• Jazz Residences in Makati
• Light Residences along EDSA
• Sun Residences in Quezon City
• Grass Residences, also in Quezon City 
• Wind Residences in Tagaytay City

As of end-December 2012, SMDC had 15 ongoing residential condominium projects all over Metro Manila, with the exception of Wind Residences in Tagaytay. – Rappler.com