Conglomerate SM Investments Corporation (SM) reported a 14 percent growth in net income last year to P16.0 billion from P14.0 billion in 2008.

In a disclosure to the Philippine Stock Exchange, SM said its consolidated revenues increased by 9 percent to P160.1 billion from P147.5 billion in 2008 while EBITDA grew 22 percent to P34.2 billion, for an EBITDA margin of 21 percent, higher than the previous year’s 19 percent.

“We are pleased to report that SM achieved its goals in 2009, in spite of the formidable challenges brought about by the spate of natural calamities in the country and the continued weakness in the global economy,” said SM president Harley T. Sy.

He explained that “we continue to learn from every crisis situation that it pays to stay very focused on our strengths and on our long-term plans for further expansion, keeping in mind the synergies we can tap among our different businesses to achieve greater financial and operational efficiency.”

Retail contributed the most to the year’s net income with a 35.3 percent share followed by banking and shopping malls, contributing 27.6 percent and 26.1 percent, respectively. The emerging property group accounted for 11.0 percent.

The retail group reported a full-year 2009 net income of P4.4 billion, up 27.9 percent as its food and non-food businesses posted hefty gains. Total sales grew 7.9 percent to P123.9 billion, while EBITDA grew 17 percent to P7.5 billion.

SM Prime reported a consolidated net income of P7.0 billion from January to December 2009, as compared to P6.4 billion in 2008 for a growth of 10 percent. Growth was driven mainly by new malls and the expansion of existing malls, although same store sales also grew 5 percent.