SM Prime Holdings Inc., the country’s leading integrated property company, said Tuesday it booked a net income of P23.8 billion in 2016, up 14 percent from P20.9 billion in 2015, on continued mall expansion and strong sales of residential business.
SM Prime said in a disclosure to the stock exchange consolidated revenues grew 12 percent to P79.8 billion last year from P71.5 billion in 2015.
Overall operating income improved 12 percent to P35.3 billion in 2016 from P31.4 billion the prior year.
“SM Prime sustained its overall performance in 2016 on the account of focusing more on recurring income stream complemented by the solid performance of the housing group. SM Prime is well-positioned to capture the positive impact of the higher infrastructure spending intended by the government that will also spur overall economic growth of the country,” SM Prime president Jeffrey Lim said.
Mall revenues grew 9 percent in 2016 to P48.6 billion from the previous year’s P44.5 billion. The growth was driven by a 10-percent hike to P41 billion, as 1.5 millions square meters of mall leasable space were added to the group’s portfolio over the past two years.
Same-mall-sales growth was consistent at 7 percent while cinema and event ticket sales slightly went down 3 percent to P4.7 billion in 2016.
SM Prime has 60 shopping malls in the Philippines, with 7.7 million sqm of gross floor area and seven in China with 1.3 million sqm of GFA.
SM Prime will open at least four new malls in the Philippines with an estimated combined 300,000 sqm of additional shopping space this year.
SM Prime’s residential group led by SM Development Corp contributed 32 percent to the company’s consolidated revenues in 2016.