SM Prime nets P27.6-B in first 9 months of 2019

FILE: SM City North EDSA, the first SM Supermall, opened in 1985. (Photo By Ramon FVelasquez – Own work/Wikimedia Commons, CC BY-SA 3.0)

MANILA — SM Prime Holdings, Inc. (SM Prime), one of the largest integrated property developers in Southeast Asia, recorded an 18-percent growth in its consolidated net income in the first nine months of 2019 to PHP27.60 billion from PHP23.44 billion during the same period last year.

Its consolidated revenues rose by 14 percent to PHP85.03 billion from PHP74.56 billion.

SM Prime’s net income for the third quarter of the year surged by 22 percent to PHP8.30 billion while revenues grew by 13 percent to PHP27.98 billion.

“SM Prime’s recent developments and expansion programs in various progressive cities in the Philippines have contributed significantly to the company’s strong performance in the first nine months of 2019. Our core businesses, led by the malls and residential segments, are set to sustain the strong performance as we approach the fourth quarter of the year,” SM Prime President Jeffrey Lim said.

SM Prime’s Philippine mall revenues recorded an 8-percent growth in the first nine months of the year to PHP42.03 billion from PHP38.86 billion of the previous year, while same-mall-sales growth is sustained at 7 percent.

SM Prime has 81 malls — 74 in the Philippines and seven in China. In the Philippines, 42 percent of SM Prime’s mall spaces are in Metro Manila, while the rest are strategically located in key provincial cities and emerging provinces.

The company has opened SM City Olongapo Central during the third quarter of the year and SM Center Dagupan last October.

SM Prime’s residential business segment, led by SM Development Corp. (SMDC), account for 38 percent of the company’s consolidated revenues. The group reported a 26-percent growth on its revenues for the first three quarters of the year to PHP31.92 billion from PHP25.26 billion.

SM Prime’s Commercial Properties Group (CPG) and SM Hotels and Convention Centers (SMHCC) posted a combined revenue growth of 11 percent in the first nine months of the year to PHP6.83 billion from PHP6.17 billion of the same period last year.

CPG operates 12 office buildings with a total gross floor area (GFA) of more than 662,000 square meters, including the recently launched NU–Mall of Asia (NUMA) in the Mall of Asia Complex, Pasay City.

SMHCC manages eight hotels with over 1,900 rooms, four convention centers and three trade halls, including the recently launched Park Inn by Radisson–Iloilo and Park Inn by Radisson-North EDSA.