SM Prime Holdings Inc. grew its profit by 38 percent last year to P30.1 billion from P21.8 billion the prior year.
“This is supported by P105.8 billion in consolidated revenues, which was a 29 percent increase from last year’s P82.3 billion,” the company told regulators.
Jeffrey Lim, SM Prime president, said the company ended 2022 “on a positive note” on the back of the “robust consumer spending particularly in the last quarter.”
“We will continue to monitor this trend and watch out for impact of movements in the inflation and interest rates, including impact on our supply chain. Meanwhile, we are poised to build on the growth momentum and proceed to expand our footprint in key areas in the country,” Lim added.
SM Prime said its mall business accounted for 47 percent of its revenues, posting a P49.8 billion topline, more than double the P24.1 billion in the previous year.
“With the resumption of full rental fees in the second half of 2022, SM Prime’s local mall rental income went up by 92 percent to P44.1 billion from P23.0 billion in 2021. With the notable development in the entertainment industry, SM Prime’s cinema, event ticket sales, and other revenues recorded P5.7 billion, higher than last year’s P1.1 billion,” it said.
In 2022, SM Prime opened four new malls — SM City Roxas in Capiz, SM City Tanza in Cavite, SM City Sorsogon in Bicol and SM City Tuguegarao in Cagayan.
As of end-December 2022, SM Prime had 82 malls in the Philippines, consisting of 58 malls in the provincial areas and 24 malls in Metro Manila.
The residential business under SM Development Corp. (SMDC), meanwhile, posted P40.1 billion in revenues, lower than the P45.9 billion registered in 2021.
SMDC’s reservation sales reached P102 billion in 2022, slightly higher than P98.9 billion in 2021.
“This translates to an 18 percent increase in unit sales of more than 21,000 in 2022 from almost 18,000 in the previous year,” the company said.
SMDC launched three new residential developments in different provincial cities of the Philippines in 2022 — Vail Residences in Cagayan de Oro, Now Residences in Pampanga and Zeal Residences in General Trias, Cavite.
Last year, the group’s office and hotel and convention center businesses also grew revenues by 59 percent to P10.5 billion from P6.6 billion in 2021. – Ruelle Castro
