(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.