SM Prime revenue, revenue up 15% as economy reopens

Real estate developer SM Prime Holdings, Inc. said on Tuesday that its consolidated net profit rose 15% to 7.4 billion pula in the first quarter due to higher revenue.

“The significant improvement in mobility restrictions and the continued reopening of the local economy in the first three months of 2022 has given SM Prime further impetus to grow its business and reach more customers through its integrated property developments” , said Jeffrey C. Lim, president of SM Prime. mentioned.

Consolidated first-quarter revenue also rose 15% to 23.9 billion pesos, while operating profit rose 17% to 10.1 billion pesos.

SM Prime’s shopping center business recorded a 40% growth in revenue to 8.2 billion pesos. Rental income also increased by 34% to P7.6 billion.

“The easing of community quarantine levels in key areas of the country, which has allowed more stores to operate,” SM Prime said.

The company’s cinema, event ticket sales and other revenue rose 172% to 600 million pesos in the first quarter from 200 million pesos.

Meanwhile, SM Prime’s residential business group, led by SM Development Corp., recorded revenue of 12 billion pesos, almost the same as the previous year.

Sales reached P31.1 billion, with no comparative figure given, coming mainly from vertical residential developments in Mandaluyong, Parañaque and Makati.

“Despite the sudden increase in COVID-19 (coronavirus disease 2019) cases in January 2022, we were able to maintain our growth momentum over the following months while prioritizing the health and safety of all of our parties. stakeholders. We remain optimistic this year as the government continues its efforts to contain the spread of COVID-19,” Lim added.

The company’s other key businesses, which include offices, hotels and convention centers, saw a 30% growth in revenue to 2 billion pesos.

SM Prime owns 76 malls in the Philippines and seven malls in China. It also has 53 residential projects, 19 commercial projects, eight hotels, five convention centers and three commercial halls.

The company owns Sky Ranch, an amusement park in Tagaytay City and in SM City Pampanga and SM City Baguio.

SM Prime shares fell 1.99% or 70 centavos to close at P34.50 each on Tuesday. — Luisa Maria Jacinta C. Jocson

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