SM Prime income nearly doubles to P7.9 billion

SM PRIME Holdings, Inc. consolidated net income almost doubled to P7.9 billion in the third quarter from P4 billion in the same period last year after booking higher revenues as economic conditions improve.

“We are happy to report very encouraging result of our third-quarter operations, which is aligned with the improvement in the local economy,” SM Prime President Jeffrey C. Lim said in a press release.

Meanwhile, the company’s consolidated revenues climbed by 73.8% to P27.3 billion from the P15.7 billion it posted a year ago.

SM Prime’s consolidated operating income rose to P13.3 billion in the third quarter, more than twice the P5.5-billion operating income last year.

“With this [result], we are ready to proceed with our business plans to continually deliver value for our stakeholders,” Mr. Lim said.

SM Prime’s consolidated net income as of September this year climbed by 41% to P22 billion from the P15.6 billion it registered last year.

Its nine-month topline was 29.8% higher at P73.7 billion than the P56.8 billion consolidated revenues in 2021.

The largest revenue contributor was its local mall business, which brought in P33.9 billion or more than twice last year’s P15.8 billion. The segment accounted for 46% of the company’s year-to-date revenues.

Meanwhile, its China mall business recorded a 6.8% lower revenue of P550 million from P590 million last year.

SM Prime’s residential arm led by SM Development Corp. registered a 32.9% higher revenue of P10.1 billion from P7.6 billion a year ago.

Its other businesses, including its offices, hotels, and convention centers, posted P7.2 billion in revenues, up by 56.5% from P4.6 billion in 2021.

On Monday, shares in SM Prime climbed by P1.70 or 5.26% to P34 each. — Justine Irish D. Tabile