SM Prime Holdings Inc. said Monday consolidated net income rose 21 percent in 2021 to P21.8 billion from P18 billion in 2020 despite flat sales.
SM Prime said in a disclosure to the stock exchange consolidated sales stood at P82.3 billion last year, nearly at the same level in 2020.
Operating income, however, increased 11 percent in 2021 to P32.4 billion from P29.1 billion in 2020.
“As we begin to see the results of joint efforts 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 from the challenges in the past two years,” said SM Prime president Jeffrey Lim.
SM Prime said it posted P6.2 billion in consolidated net income in the fourth quarter as revenues improved 20 percent to P25.5 billion from P21.2 billion a year ago. Consolidated operating income also increased 67 percent in the fourth quarter to P10.8 billion from P6.5 billion a year earlier.
SM Prime said its residential business unit led by SM Development Corp. recorded P45.9 billion revenues in 2021 on continued launches. Reservation sales amounted to P98.9 billion last year.
SMDC launched eight high-rise and mid-rise condominium buildings and house-and-lot residential projects across the country in 2021.
Meanwhile, the group’s mall business continued to improve on the further easing of mobility restrictions in most key areas.
Its Philippine mall business reported P24.1 billion in revenues in 2021, up 2.1 percent from P23.6 billion in 2020. Rent income improved 6 percent to P23.0 billion in 2021 from P21.8 billion in 2020, despite the three-month pre-pandemic period in 2020 and two enhanced community quarantine restrictions implemented in 2021.
SM Primes said that with the improving COVID-19 situation in the fourth quarter of 2021, it launched two new malls—SM City Daet in Camarines Norte and SM City Grand Central in Caloocan City.
It also opened MOA Square, a commercial space beside the SM Mall of Asia which houses the first IKEA store in the Philippines and the biggest in the world.
SM Prime’s international mall business in China reported a 20-percent increase in revenues to RMB 0.8 billion in 2021 from RMB 0.7 billion in 2020.
China malls’ net income went up by 154 percent in 2021 to RMB 0.2 billion from RMB 0.1 billion in a year earlier. It said the increase was due to the quick return to normalcy in China after the spread of the COVID-19 virus in the first quarter of 2020.
