SMDC experienced a good 2012 after recording a net income increase of 17.5%.
SM Development Corporation (SMDC) recently reported that their net income for 2012 showed a 17.5% increase to P4.9 billion, compared to 2011’s P4.7 billion. Real estate revenues also rose 33.3%, while EBITDA (earnings before interest, taxes, depreciation and amortization) was recorded at P5.6 billion for a 26.0% margin. Return on equity also saw a slight increase to 13% from 12% in 2011.
SMDC’s asset base showed a year-on-year expansion of 47.3%, or P79.4 billion. A conservative ratio of 29% net debt to 71% equity was also reported.
A total of 12,614 units were sold in 2012, a 7.6% increase from 2011’s 11,726 units. Reservations also rose 20.8% or P31.7 billion from P26.3 billion the year before. The units sold in 2012 were mostly from Shell Residences (Mall of Asia complex), Green Residences (beside DLSU along Taft Avenue), Jazz Residences (Makati), Light Residences (beside Boni-MRT along EDSA), Sun Residences (Quezon City), Grass Residences (beside SM North EDSA), and Wind Residences (Tagaytay City).
By the end of December last year, there were fifteen ongoing condominium projects all over Metro Manila. These include Grace Residences in Taguig and Breeze Residences in Pasay, both of which broke ground late 2012.