MANILA - The SM group's property arm said Monday consolidated net income grew 18 percent to P38.1 billion in 2019, citing strong growth across its businesses and its expansion into emerging cities.

Consolidated operating income also went up by 17 percent to P56.7 billion year-on-year, SM Prime Holdings said in a stock exchange filing.

Operating income from malls rose 9 percent to P32.4 billion, while income from residential developments went up 39 percent to P17.1 billion. Operating income from other business segments rose 23 percent to P4.9 billion, SM Prime said.

SM Prime, which operates 74 malls in the Philippines and 7 malls in China, is set to open 3 to 5 new malls in key provincial cities in 2020.

The company said it would launch 15,000 to 20,000 residential units in 2020 that include high-rise and mid-rise buildings and single detached house and lot projects.

SM Prime also operates 12 office buildings, 8 hotels , 4 convention centers and 3 trade halls.

This year, the company said it would launch more developments in Manila, Bacolod, Clark and Olongapo.