MANILA - SM Prime Holdings Inc said on Monday it posted a P30.1 billion consolidated net income in 2022, higher by 38 percent compared to the P21.8 billion in 2021 fuelled by the continued economic recovery.

Consolidated revenues rose 29 percent to P105.8 billion, the Sy-led group said in a disclosure to the stock exchange.

“We are pleased to report that we ended 2022 on a positive note despite the challenges faced for the most of the year, owing to the robust consumer spending particularly in the last quarter," SM Prime President Jeffrey Lim.

"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, which accounts for 47 percent of consolidated revenues, registered P49.8 billion in revenues in 2022. Rental income wet up by 92 percent with the resumption of full rental fees, its said.

SM Prime's cinema, event ticket sales and other revenues hit P5.7 billion, it said.

In 2022, SM Prime opened 4 new malls namely in SM City Roxas in Capiz, SM City Tanza in Cavite, SM City Sorsogon in Bicol and SM City Tuguegarao in Cagayan. Its total mall network hit 82 in 2022.

• SM Supermalls improves design to boost 'experiential shopping'

Meanwhile, SMDC posted P40.1 billion revenues last year. SM Prime, on the other hand, its office, hotel and convention center businesses, which account for 10 percent of the company's consolidated revenues, posted 59 percent revenue growth to P10.5 billion last year from P6.6 billion in 2021.

• SM City North EDSA, Megamall, MOA to open until midnight from Dec. 19 to 23
• SM, Ayala, Robinsons start optional wearing of face masks in malls

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