(07 November 2022, Pasay City, Philippines) SM Prime Holdings, Inc. (SM Prime), one of the leading integrated property developers in Southeast Asia, reported PHP22.0 billion consolidated net income in the first three quarters of 2022, 41% higher than last year’s PHP15.6 billion. This is supported by the PHP73.7 billion in consolidated revenues, a 30% growth from last year’s PHP56.8 billion. Consolidated operating income rose by 61% to PHP34.6 billion in 9M2022 from PHP21.6 billion in 9M2021.
SM Prime’s consolidated net income in 3Q2022 doubled to PHP7.9 billion from
PHP4.0 billion in 3Q2021. Consolidated revenues in the third quarter of 2022 have reached PHP27.3 billion, 74% higher than PHP15.7 billion in the third quarter of 2021. Consolidated operating income rose to PHP13.3 billion in July to September of 2022 from PHP5.5 billion in the same months last year.
“We are happy to report very encouraging result of our third quarter operations, which is aligned with the improvement in the local economy. With this, we are ready to proceed with our business plans to continually deliver value for our stakeholders,” SM Prime President Jeffrey Lim said.
SM Prime’s Philippine mall business’ revenues, which account for 46% of the Company’s consolidated revenues, surged to PHP33.9 billion in the first three quarters of 2022 from PHP15.8 billion in the same period last year. In July 2022, SM Supermalls announced the resumption of charging full rental fees across its Philippines malls after more than two years of providing rent concessions to its tenants. SM Prime’s local malls reported PHP30.4 billion rental income in 9M2022, double from last year’s PHP15.2 billion. SM Prime’s cinemas, event ticket sales, and other revenues surged to PHP3.5 billion from PHP0.6 billion in the same period last year. SM Prime’s China mall business recorded RMB0.55 billion in 9M2022, 7% lower than last year’s RMB0.59 billion.
SM Prime’s residential business group, led by SM Development Corp. (SMDC), reported PHP10.1 billion in revenues in the third quarter of 2022, 32% higher than PHP7.6 billion in the same period last year. This made up the residential business segment’s revenues of PHP28.3 billion in the first nine months of 2022, 12% lower than the PHP32.1 billion in 2021.
SMDC’s reservation sales increased by 15% to PHP24.5 billion in July to September of 2022 from PHP21.2 billion in the same months of 2021. This increase has brought SMDC’s reservation sales to PHP83.9 billion in the first three quarters of 2022, 10% higher than the PHP76.3 billion in 2021.
SM Prime’s other key businesses, which include offices, hotels, and convention centers, generated PHP7.2 billion in revenues in the first three quarters of 2022, a 56% increase from PHP4.6 billion in the first three quarters of 2021. The Company’s office business segment posted PHP4.4 billion in revenues, 17% higher from PHP3.8 billion last year, while the hotels and convention centers business segment’s revenues reached PHP2.8 billion, 224% higher from last year’s PHP0.9 billion.
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 further information, please contact:
Vice President, Investor Relations
SM Prime Holdings, Inc.
Tel. no.: +632 8862 7940
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