SM Prime Holdings Inc. said profit last year reached P38.1 billion, up 18 percent from P32.2 billion in 2018.
Consolidated revenues reached P118.3 billion, up 14 percent from P104.1 billion, the previous year.
“SM Prime’s continuous growth was brought about by our strategic expansion in the country’s developing cities. We look forward to 2020 as we strengthen our presence in more key areas in the Philippines through sustainable integrated property developments that have great potential to further contribute to the growth of the overall economy,” said Jeffrey Lim, SM Prime president.
Mall revenues reached P57.8 billion, up 8 percent from P53.5 billion, driven by a 7 percent same-store-sales growth across all mature malls.
Cinema and event ticket sales reported a 6 percent growth to P5.5 billion in 2019 from P5.2 billion in 2018, while revenues from amusement, merchandise sales and others went up by 15 percent to P3.9 billion in 2019 from P3.4 billion in 2018.
Philippine mall operating income improved by 9 percent to P32.4 billion in the year reported from P29.8 billion of the previous year.
The residential developments business under SM Development Corp. (SMDC) registered revenues of P45.2 billion, up 24 percent from P36.5 billion in 2018.
Operating income hit P17.1 billion, up 39 percent from P12.3 billion the prior year.
SMDC’s reservation sales grew 24 percent to P90 billion from P72.3 billion.
Unit sales increased 11 percent to 23,424 from 21,157.
Other business segments posted a combined revenue of P9.6 billion, up 14 percent from P8.4 billion in 2018. Combined operating income hit P4.9 billion, up 23 percent from P4 billion the prior year.
The commercial properties and the hotel and convention centers business segments’ growth is attributed to the full-year revenue contribution of ThreeE- Com Center, the opening of NU Mall of Asia as well as the opening of Park Inn by Radisson hotels in Iloilo and North EDSA, Quezon City.
