SM Prime Holdings, Inc. (SM Prime), one of the leading integrated property companies in Southeast Asia, has breached the P1 trillion market value at the Philippine Stock Exchange on the back of favorable market outlook.

This makes SM Prime the first Philippine company to reach this milestone in the market. The PSE main index also surpassed its 8,000 resistance level yesterday, buoyed by optimism over the government getting its tax reform package passed at the Lower House as well as gains made by overseas markets.

“SM Prime acknowledges the investment community’s unwavering support. This is a great moment for us to share this success as we continue to deliver our commitment to our shareholders,” SM Prime chief finance officer John Ong said.

Ong added that the success is due to the integration of all the property businesses under SM Prime in 2013.

The strategic move of SM Group enabled SM Prime to realize synergies among its business units, increasing efficiencies in operations and revenue in enhanced shareholder value.

It also allowed SM Prime to pursue larger projects, from reclaiming land to long-term integrated developments.

SM Prime said it remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities that enrich the quality of life of millions.

The firm reported a 13 percent growth in net income to P6.6 billion in the first quarter of 2017 from P5.8 billion in the same period last year.

SM Prime said “this was on the back of a 12 percent growth in consolidated revenues to P20.5 billion from P18.2 billion in the first quarter of 2016.

Overall operating income increased by 14 percent to P9.6 billion from P8.4 billion in the same period last year largely due to rental revenues from mall expansions in the past two years as well as higher real estate sales and construction accomplishments of residential projects since 2014.

“Our strong performance in the first quarter gives us high confidence that we are on track to meet our growth targets in terms of revenues and income for the full year,” SM Prime president Jeffrey Lim said.

He noted that, “as we continue our strategic rollout of projects across our properties, we are optimistic that our growth will be sustained by the overall expansion of the Philippine economy.”