SM Prime records net income of P21.8B in 2021

Sy-led property giant SM Prime Holdings Inc. saw its bottom line grow by double digits last year as the economy gradually reopened amid the COVID-19 pandemic.

In a disclosure to the Philippine Stock Exchange on Tuesday, SM Prime said its consolidated net income stood at P21.8 billion, up 21% from P18 billion in 2020, on the back of P82.3 billion in consolidated revenues.

“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. We will continue to work with the government in helping the nation rebound from the challenges in the past two years,” said SM Prime president Jeffrey Lim.

SM Prime’s residential business unit, led by SM Development Corp. (SMDC), recorded P45.9 billion in revenues. 

Its mall business in the Philippines reported P24.1 billion in total revenues in 2021, higher than the P23.6 billion posted in 2020. 

Local malls’ rent income improved by 6% 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 enhanced community quarantine (ECQ) restrictions implemented in 2021.

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

The company’s commercial properties business segment recorded P5 billion in revenues in 2021, 5% higher than the previous year, while the hotels and convention centers business segment generated P1.6 billion in revenues. — VBL, GMA News