SM Prime Holdings Inc. recorded profit of P21.8 billion in 2021, up 21 percent from P18 billion in 2020.
“This is on the back of the company’s consolidated revenues of P82.3 billion in 2021, which is at the same level as 2020. Consolidated operating income likewise increased by 11 percent to P32.4 billion in 2021, from P29.1 billion in 2020,” the company said.
Profit for the fourth quarter of the year hit P6.2 billion, with revenues at P25.5 billion.
“As we begin to see the result of joint effort by the government and private organizations to manage the pandemic, SM Prime is set to pursue business expansions with broader funding options available locally and internationally. We will continue to work with the government in helping the nation rebound form the challenges in the past two years,” said Jeffrey Lim, SM Prime president.
Residential business under SM Development Corp. (SMDC) posted revenues of P45.9 billion, with sales take-up at P98.9 billion. SMDC launched eight new high-rise and mid-rise condominium buildings as well as house and lot residential projects across the country in 2021.
The mall business posted revenues of P24.1 billion, up from P23.6 billion in 2020 with rent income up 6 percent to P23 billion in 2021 from P21.8 billion in 2020. SM Prime launched two new malls last year.
In China, SM Prime’s international mall business posted a 20-percent increase in revenues at RMB800 million, up from RMB700 million in 2020. Its net income grew by 154 percent to RMB200 million from RMB100 million.
Other businesses which include offices, hotels, and convention centers reported P6.6 billion consolidated revenues in 2021, 4 percent higher from 2020.
