Shopping mall operator SM Prime Holdings Inc. said its net income in 2022 rose 38 percent to P30.1 billion from only P21.8 billion in 2021 on the recovery of its malls business.
Consolidated revenues rose 29 percent to P105.8 billion from the previous P82.3 billion.
“We are pleased to report that we ended 2022 on a positive note despite the challenges faced for the most of the year, owing to the robust consumer spending particularly in the last quarter. We will continue to monitor this trend and watch out for impact of movements in the inflation and interest rates, including impact on our supply chain. Meanwhile, we are poised to build on the growth momentum and proceed to expand our footprint in key areas in the country,” Jeffrey Lim, SM Prime president, said.
SM Prime’s domestic mall business now accounts for 47 percent of consolidated revenues. It posted P49.8 billion in revenues in 2022, more than double the P24.1 billion in the previous year.
With the resumption of full rental fees in the second half of 2022, SM Prime’s local mall rental income went up 92 percent to P44.1 billion from P23 billion in 2021.
SM Prime’s cinema, event ticket sales, and other revenues recorded P5.7 billion, higher than the previous year’s P1.1 billion.
In 2022, SM Prime expanded certain malls and opened four new malls in the Philippines namely Roxas in Capiz, Tanza in Cavite, Sorsogon in Bicol and Tuguegarao in Cagayan.
As of December, SM Prime has 82, consisting of 58 malls in the provincial areas, and 24 malls in Metro Manila.
Its residential business group, led by SM Development Corp., posted P40.1 billion in revenues last year, lower by 12 percent than the P45.9 billion registered in 2021.
Its reservation sales reached P102 billion in 2022, slightly higher than P98.9 billion in 2021. This translates to an 18 percent increase in unit sales of more than 21,000 in 2022 from almost 18,000 in the previous year.
SMDC launched three new residential developments in provincial cities in 2022, such as the Vail Residences in Cagayan de Oro, Now Residences in Pampanga and Zeal Residences in General Trias, Cavite.
Its office and hotel and convention center businesses, which account for 10 percent of the company’s consolidated revenues, reported a 59 percent growth in revenues to P10.5 billion in 2022 from P6.6 billion in 2021.
The company’s office business segment registered P6.1 billion in revenues for last year, 22 percent higher than P5 billion in 2021. Meanwhile, SM Prime’s hotel and convention center business segment reported P4.3 billion in revenues for the period, almost triple the P1.6 billion revenue in 2021.
SM Prime launched FourE-Com Center in 2022, located at the Mall of Asia Complex in Pasay City, as well as the SMX Clark Convention Center in Pampanga, which is nestled alongside SM City Clark and Park Inn Radisson Clark.
