First-quarter SM Prime profit grew 15% at P7.4 billion

11 May 2022

The net profits of the property developer SM Prime Holdings Inc., which is controlled by Sy and is publicly traded, increased by 15% to reach P7.4 billion in the first quarter.

The removal of restrictions on mobility led to an increase in consolidated revenues for SM Prime profit which went from P20.8 billion the previous year to P23.9 billion in the current year.

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

Compared to the previous year’s total of 5.9 billion pesos, SM Prime’s mall company had a revenue gain of 40 percent, moving from 5.9 billion pesos to 8.2 billion this year.

Meanwhile, the residential business group of SM Prime, which is managed by SM Development Corp. (SMDC), reported revenues of P12 billion, which are roughly the same as those reported in the previous year.

The majority of the P31.1 billion in sales was supplied by the organization’s vertical residential developments in the cities of Mandaluyong, Paranaque, and Makati.

We are optimistic for this year as the government continues to work to prevent COVID-19 from spreading,” Lim said. “Despite the rapid increase of COVID-19 cases in January 2022, we were able to continue our growth pace in the months that followed while putting the health and safety of all our stakeholders first.”

SM Prime profit other significant industries include hotels, convention centers, and offices, has increased by thirty percent, reaching two billion pesos.

While the hotels and conference centers section brought in P600 million, the office segment alone brought in P1.4 billion, representing an increase of 11% from the first quarter’s total revenue.