MANILA — SM Prime Holdings said net income grew by more than half in 2015 as rental revenue from shopping malls lifted earnings at the Philippines’ largest land developer.

SM Prime’s net income jumped 54% on the year to 28.3 billion pesos ($594 million), a quarter of which came from the sale of securities. Excluding one-time gains, recurring profit rose 14% to 20.9 billion pesos. Revenue climbed 8% to 71.5 billion pesos.

SM Prime is part of the SM Group, the Philippines’ largest retailer. Its founder, Henry Sy, is the country’s richest man. SM Prime serves as the Sy family’s holding company for real estate assets after a corporate restructuring in 2013.

Rental revenue from malls and commercial spaces, which comprise more than half of total revenue, increased 12% to 40.7 billion pesos. SM Prime has 56 shopping centers in the country with total retail space of 7.3 million sq. meters.

In China, SM Prime has six malls spanning Xiamen, Jinjiang, Chengdu, Suzhou, Chongqing and Zibo. It plans to open its seventh in Tianjin sometime this year.

Real estate sales were flat at 22 billion pesos, accounting for nearly a third of total revenue. Cinema and event sales grew 12% to 4.8 billion pesos.

SM Prime banks on robust consumer spending, the Philippine economy’s main driver. Nearly 70% of the Philippines’ 5.8% growth in 2015 came from household spending.