SM Prime 9M21 Net Income Up By 9%

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 PHP14.4 billion in the same period last year.

Photo Insert: SM Prime’s Philippine mall business accounts for 28% of the Company’s consolidated revenues.

Consolidated revenue recorded PHP56.8 billion, 6% lower from PHP60.7 billion in the same period being reviewed.

“SM Prime continues to develop new ways and solutions in its businesses by developing sustainable programs that provide a 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's president.

SM Prime’s residential business, led by SMDC, accounts for 56% of the Company’s 9M2021 consolidated revenues registering PHP32.1 billion, 6% lower from last year’s PHP34.2 billion. SMDC’s reservation sales reached PHP76.3 billion in the first three quarters of 2021, 14% higher than PHP66.7 billion in the same period last year.

The strengthened online presence and continuous construction of SMDC projects boosted the Company’s sales take-up in 9M2021.

SM Prime’s Philippine mall business, which accounts for 28% of the Company’s consolidated revenues, recorded PHP15.8 billion revenue in the first three quarters of 2021, 14% lower than last year’s PHP18.3 billion.

The reimplementation of stricter community quarantine in August 2021 has affected the operation of the Company’s local mall business, limiting the operation of non-essential shops in accordance with the IATF guidelines.

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