SM Prime net income up by 9%
What: SM Prime Holdings, Inc. (SM Prime), one of the leading integrated property developers in Southeast Asia, reported a 9% increase in consolidated net income to PHP 15.6 billion in the first nine months of 2021 from PHP 14.4 billion in the same period last year. Consolidated revenue recorded PHP 56.8 billion, 6% lower from PHP 60.7 billion in the same period being reviewed.
Why it is important: SM Prime’s Philippine mall business, which accounts for 28% of the Company’s consolidated revenues, recorded a 14% lower revenue vs last year’s in the first three quarters of 2021. A stricter community quarantine from August 2021 has affected the operation of the mall business, limiting the operation of non-essential shops. Meanwhile, SM Prime’s China mall business has reported a 28% increase in revenue.
“SM Prime continues to develop new ways and solutions in its businesses by developing sustainable programs that provide safe and secure environment for all of its stakeholders. This is in line with our anticipation of welcoming more people in our establishments, primarily in our malls and other commercial facilities, where thousands of our partner-tenants can showcase their products and services this coming Holidays Season,” said Jeffrey C. Lim, SM Prime President.