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Manila Bulletin devider Business devider SM Prime's performance improved in 2021

SM Prime's performance improved in 2021

Published Feb 21, 2022 02:31 pm

SM Prime Holdings Inc., one of the leading integrated property developers in Southeast Asia, reported a 21 percent growth in consolidated net income to P21.8 billion last year from P18.0 billion in 2020.

In a disclosure to the Philippine Stock Exchange, the firm said this is on the back of the Company’s consolidated revenues of P82.3 billion in 2021, which is at the same level as 2020.

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Consolidated operating income likewise increased by 11 percent to P32.4 billion in 2021, from P29.1 billion in 2020.

For the fourth quarter alone, SM Prime reported a consolidated net income of P6.2 billion as consolidated revenues registered a 20 percent growth to P25.5 billion from P21.2 billion in the same period of 2020.

Consolidated operating income surged 67 percent to P10.8 billion in the fourth quarter of 2021 from P6.5 billion in 2020.

SM Prime President Jeffrey C. Lim

“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,” said SM Prime President Jeffrey C. Lim.

He added that, “We will continue to work with the government in helping the nation rebound form the challenges in the past two years.” SM Prime’s residential business unit, led by SM Development Corp. (SMDC), recorded P45.9 billion revenues. SMDC’s sales take-up reached P98.9 billion in 2021.

SMDC launched eight new high-rise and mid-rise condominium buildings as well as house and lot residential projects across the country in 2021.

Meanwhile, with the further easing of mobility restrictions in most key areas in the Philippines including Metro Manila beginning November 2021, SM Prime’s Philippine mall business reported P24.1 billion total revenues in 2021, higher compared to P23.6 billion in 2020.

Local malls’ rent income improved by 6 percent to P23.0 billion in 2021 from P21.8 billion in 2020, in spite of the three-month pre-pandemic comparable period in 2020 and two enhance community quarantine (ECQ) restrictions implemented in 2021.

In China, SM Prime’s international mall business reported a 20 percent increase in revenues at RMB0.8 billion in 2021 from RMB0.7 billion in 2020.

SM Prime China malls’ net income grew by 154 percent to RMB0.2 billion from RMB0.1 billion of the same period being reviewed. The increase was due to quick return to normalcy in China after the spread of the COVID-19 virus in the first quarter of 2020.

SM Prime’s other businesses, which include offices, hotels, and convention centers, remain resilient in the previous year reporting P6.6 billion consolidated revenues in 2021, 4 percent higher from 2020.

The commercial properties business segment recorded P5.0 billion revenues in 2021, 5 percent higher from the previous year, while the hotels and convention centers business segment generated P1.6 billion revenues.

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Jeffrey Lim SM Development Corporation SM Prime Holdings Inc.
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