SM Prime is committed to spend P80 billion in capital expenditures this year to expand its business.
Speaking to shareholders in the company’s annual stockholders meeting Tuesday, SM Prime president Jeffrey Lim said “subject to review every quarter given the current situation,” the amount will be used for “mall and residential development as well as strategic landbanking.”
SM Prime is looking to launch three malls this year, “subject to LGU (local government unit) guidelines and prevailing classifications” – SM City Grand Central in Caloocan, SM City Roxas in Capiz, and SM City Daet in Camarines Norte.
SM Prime recorded profit of P18 billion last year, down 53.76 percent from the prior year’s P38.1 billion.
Revenues reached P81.9 billion, down 30.77 percent from P118.3 billion in 2019.
The company said its mall operation posted revenues of P23.6 billion, down 59.17 percent from P57.8 billion in 2019.
Its residential business led by SM Development Corp. posted revenues of P46.5 billion, up 6 percent from P43.7 billion the previous year.
SMDC’s reservation sales stood at P99 billion, up 10 percent from P90 billion the previous year.
The commercial properties business reported P4.8 billion revenues in 2020 from the previous year’s P4.6 billion. The business’ operating income reached P3.9 billion from the previous year’s P3.8 billion.
The hotels and convention centers business on the other hand posted P1.6 billion revenues, down 68.63 percent from P5.1 billion in 2019.
