MANILA, Philippines — SM Prime Holdings Inc. (SMPH), the listed property developer, reported a strong income growth of 21 percent last year to P21.8 billion on the back of the steady recovery of the economy.
In terms of revenues, the company raked in consolidated revenues of P82.3 billion, same level as 2020, as consolidated operating income increased by 11 percent to P32.4 billion.
In the fourth quarter, the company’s consolidated revenues reached P25.5 billion, which is 20 percent higher than the P21.2 billion in the same period last year.
Consolidated operating income surged by 67 percent to P10.8 billion in the fourth quarter of 2021.
SM Prime president Jeffrey Lim said the country is seeing the result of private and public efforts to aid in the economy’s recovery.
“As we begin to see the result of joint effort by the government and private organizations to manage the pandemic, SM Prime is set to pursue business expansions with broader funding options available locally and internationally. We will continue to work with the government in helping the nation rebound form the challenges in the past two years,” Lim said.
In terms of business segments, SM Prime’s residential business unit, led by SM Development Corp. (SMDC), recorded P45.9 billion in revenue last year while sales take-up reached P8.9 billion.
SMDC was able to launch eight new high-rise and mid-rise condominium buildings as well as house and lot pro-jects across the country.
These consist of Sands Residences in Manila City, Ice Tower in Pasay City, Gold Residences in Parañaque, Twin Residences in Las Piñas, Joy Residences in Baliuag, Bulacan, Cheerful Homes 2 in Mabalacat, Pampanga, Calm Residences in Sta. Rosa, Laguna and Glade Residences in Jaro, Iloilo.
For the mall business, SM Prime reported P24.1 billion in total revenues last year, higher that the P23.6 billion recorded in 2020.
With the improving COVID-19 situation in country in the last quarter of 2021, SM Prime launched two new malls namely SM City Daet in Camarines Norte and SM City Grand Central in Caloocan City. It also opened MOA Square, the commercial space beside the SM Mall of Asia that houses the first IKEA store in the Philippines and the biggest IKEA in the world.
SM Prime’s other businesses, which include offices, hotels, and convention centers, remain resilient in the previous year reporting P6.6 billion consolidated revenues, four percent higher than the previous year.