MANILA, Philippines – SM Prime Holdings Inc. reported a net income of P24 billion in 2016, up 14 percent year on year on the strong performance of its malls and residential businesses.

Consolidated revenues grew 12 percent to P79.8 billion last year.

Growth was mostly driven by the continued expansion of its malls as well as the strong sales take-up of housing units, said SM Prime president Jeffrey Lim.

“SM Prime is well-positioned to capture the positive impact of the higher infrastructure spending intended by the government that will also spur overall economic growth of the country,” Lim said.

From its mall business, SM Prime’s revenues rose nine percent to P48.6 billion as lease operations improved by 10 percent to P41 billion.

Cinema and event ticket sales dropped three percent to P4.7 billion due to fewer local blockbuster movies shown last year.

To date, SM Prime has 60 shopping malls in the Philippines with 7.7 million square meters of gross floor area and seven in China with 1.3 million sqm of GFA.

SM Prime’s residential group meanwhile, generated P25.4 billion in revenues, up 13 percent on higher sales take-up of ready for occupancy units from projects such as Princeton, M Place, Mezza II and Jazz Residences in Quezon City and Makati.

Similarly, SMDC’s reservation sales grew 18 percent to P46.7 billion, translating to a 15-percent improvement in unit sales to 16,320 units.

The Commercial Properties Group recorded a 32-percent increase in revenues to P2.7 billion, accounting for three percent of consolidated revenues.

The growth came from the new rental revenues from FiveE-comCenter, which is almost 100 percent occupied.

At present, the Commercial Properties Group has six office buildings, mostly in the Mall of Asia Complex in Pasay City, with an estimated GFA of 371,000 sqm. The Three E-ComCenter and FourE-ComCenter are currently under construction and are scheduled for completion in 2018 and 2020, respectively.

SM Prime’s Hotels and Convention Centers also recorded strong growth with revenues posting a 32-percent growth to P3.2 billion a year ago.

Lim said SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people.

For 2017, the company has at least four new malls for the Philippines in the pipeline with an estimated combined 300,000 sqm of additional shopping space.