SM group dealt a heavy blow from the COVID-19 pandemic as they suffer massive losses this year. In a statement, Conglomerate SM Investments Corporation(SM) said they will continue building its online assets to expand market reach and meet customers’ needs, hopeful of a recovery in business, and the return of vibrancy in consumer activity amid the pandemic.
SM Vice-Chair Teresita Sy Coson said during the conglomerate’s annual stockholders’ meeting Wednesday. “We have been improving both our online and physical experience and operations across the group -and building new ways to serve customers: from banking to retail, malls, and property,”.
Coson said they have been able to operate hybrid ways of reaching consumers and strengthen these offerings following the coronavirus lockdown. More..
SM president Frederic DyBuncio said the acceptance of e-commerce in light of the pandemic has accelerated, as more people have explored various digital channels. “This pandemic has revealed that digital technology offers fundamental opportunities to connect and serve communities. We will continue to combine our online and offline capabilities to meet our customers’ evolving needs,” DyBuncio said.
SM malls and retailers have launched click-and-collect, curbside pick-up, mobile phone messaging communities for deliveries, and concierge-style personal shopping through social media in response to increased customer needs. “We are all actively finding new ways to improve our customer experience and operations, and we aim to transform into a stronger and more adaptive SM after the crisis,” Coson added.
SMIC reported a ₱13.8 billion net income from January to March, 16 percent lower than the ₱16.4 billion profit a year ago.
The company declared cash dividends at ₱4.25 per share for a total of ₱5.1 billion, which will be paid to stockholders on July 23.
SM Investments Corporation is trading in the Philippine Stock Exchange as $SM as of June 24, 2020, 03:30:00 PM its last traded price was PHP 937.00 per share, +0.21% higher than its previous close with 141.22M value day traded.
-Stockbytes PH, June 25, 2020
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