SM Prime profit rises 15% to P7.4 billion in 1st quarter

MANILA, Philippines — SM Prime Holdings Inc., the Sy-owned listed property developer, reported a 15 percent increase in its first quarter net income to P7.4 billion.

This, as SM Prime’s consolidated revenues rose to P23.9 billion from P20.8 billion a year ago on the back of easing mobility restrictions.

“The significant improvement in mobility restrictions and the continuous reopening of the local economy in the first three months of 2022 have provided SM Prime further boost to expand its businesses and reach more customers through its integrated property developments,” said SM Prime president Jeffrey Lim.

Among the different segments, SM Prime’s mall business reported a 40 percent growth in revenues to P8.2 billion from P5.9 billion in the same period last year.

SM Prime’s residential business group, led by SM Development Corp. (SMDC), meanwhile, reported P12 billion in revenues, almost the same as the previous year.

Sales take-up reached P31.1 billion, mostly coming from the company’s vertical residential developments in the cities of Mandaluyong, Parañaque and Makati.

“Despite the sudden COVID-19 cases surge in January 2022, we were able to maintain our growth momentum in the succeeding months while prioritizing the health and safety of all our stakeholders. We remain optimistic this year as the government continues its efforts in containing the spread of COVID-19,” Lim said.

SM’s other key businesses include offices, hotels, and convention centers, with revenues growing 30 percent to P2 billion.

The office business segment alone recorded P1.4 billion, up 11 percent from the first quarter while the hotels and convention centers business segment recorded P600 million.