SM Prime profit up 18% in 2019

Property giant SM Prime Holdings grew its net profit last year by 18 percent to P38.1 billion, mostly driven by higher earnings from its residential property, shopping mall and other commercial property leasing businesses.

Consolidated revenues increased by 14 percent to P118.3 billion, while consolidated operating income went up by 17 percent to P56.7 billion.“SM Prime’s continuous growth was brought about by our strategic expansion in the country’s developing cities. We look forward to 2020 as we strengthen our presence in more key areas in the Philippines through sustainable integrated property developments that have great potential to further contribute to the growth of the overall economy,” SM Prime president Jeffrey Lim said in a disclosure to the Philippine Stock Exchange on Monday.The mall business grew revenues by 8 percent to P57.8 billion last year, driven mainly by the 7-percent growth of the old establishments.

The cinema and event ticket sales reported a 6-percent growth to P5.5 billion, while revenues from amusement, merchandise sales and others went up by 15 percent to P3.9 billion.

Philippine mall operating income improved by 9 percent to P32.4 billion.

The residential group under SM Development Corp. grew revenues by 24 percent to P45.2 billion, attributed to higher construction accomplishment of several projects. —Doris Dumlao-Abadilla INQ