SM Prime posts P21.8 billion net income in 2021

ABS-CBN News

Posted at Feb 21 2022 04:15 PM

MANILA - SM Prime Holdings Inc said on Monday it posted a consolidated net income of P21.8 billion in 2021, higher by 21 percent compared to 2020.

Consolidated revenues reached P25.5 billion, 20 percent higher from the P21.2 billion in the same comparable period, SM Prime said in a disclosure to the stock exchange. 

“As we begin to see the result of a 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," SM Prime president Jeffrey Lim said.

"We will continue to work with the government in helping the nation rebound from the challenges in the past two years,” Lim added.

The company said its residential business unit led by SM Development Corp posted a record P45.9 billion in revenues. SMDC's sales take-up reached P98.9 billion last year.

Meanwhile, its mall business benefitted from the easing of restrictions late last year with P24.1 billion total revenues in 2021, which is higher than the P23.6 billion in 2020, SM Prime said.

The Sy-led firm said it launched 22 new malls in 2021 as well as the MOA Square in Pasay City where the biggest IKEA store in the world, IKEA Philippines, is located. 

In China, its international mall business hit a 20 percent increase in revenues for the year, SM Prime said, adding that malls in China's net income grew 154 percent.

Other businesses, which include offices, hotels and convention centers reported consolidated revenues of P6.6 billion in 2021, 4 percent higher compared to 2020.

Economic activities, spending and foot traffic in malls gained traction in December 2021 after mobility restrictions eased. 

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