SM Prime Holdings Inc. saw its net income increase by 14 percent in 2016, from a year earlier, driven by the expansion of its malls portfolio.

The integrated property company of the Sy family posted a recurring net income of P23.8 billion, up P2.9 billion from P20.9 billion in 2015.

“SM Prime sustained its overall performance in 2016 on account of focusing more on recurring income stream, complemented by the solid performance of the housing group,” SM Prime President Jeffrey Lim said.
 
“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 added.

Consolidated revenue amounted to P79.8 billion, up 12 percent from P71.5 billion. Operating income rose by 12 percent at P35.3 billion from P31.4 billion.

“Growth was mostly driven by the continued expansion of its malls as well as the strong sales take-up of housing units,” the company said.
 
Mall revenue grew by 9 percent at P48.6 billion from P44.5 billion year-on-year.

SM Prime owns and operates 60 shopping malls in the Philippines and seven in China.