Connect with us

Hi, what are you looking for?


SM Prime income nearly doubles to P7.9 billion

SM PRIME Holdings, Inc. consolidated net income almost doubled to P7.9 billion in the third quarter from P4 billion in the same period last year after booking higher revenues as economic conditions improve.

“We are happy to report very encouraging result of our third-quarter operations, which is aligned with the improvement in the local economy,” SM Prime President Jeffrey C. Lim said in a press release.

Meanwhile, the company’s consolidated revenues climbed by 73.8% to P27.3 billion from the P15.7 billion it posted a year ago.

SM Prime’s consolidated operating income rose to P13.3 billion in the third quarter, more than twice the P5.5-billion operating income last year.

“With this [result], we are ready to proceed with our business plans to continually deliver value for our stakeholders,” Mr. Lim said.

YEAR-TO-DATE FINANCIAL SHOWINGSM Prime’s consolidated net income as of September this year climbed by 41% to P22 billion from the P15.6 billion it registered last year.

Its nine-month topline was 29.8% higher at P73.7 billion than the P56.8 billion consolidated revenues in 2021.

The largest revenue contributor was its local mall business, which brought in P33.9 billion or more than twice last year’s P15.8 billion. The segment accounted for 46% of the company’s year-to-date revenues.

Meanwhile, its China mall business recorded a 6.8% lower revenue of P550 million from P590 million last year.

SM Prime’s residential arm led by SM Development Corp. registered a 32.9% higher revenue of P10.1 billion from P7.6 billion a year ago.

Its other businesses, including its offices, hotels, and convention centers, posted P7.2 billion in revenues, up by 56.5% from P4.6 billion in 2021.

On Monday, shares in SM Prime climbed by P1.70 or 5.26% to P34 each. — Justine Irish D. Tabile

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



REUTERS By Luisa Maria Jacinta C. Jocson, Reporter FACTORY ACTIVITY in the Philippines expanded for a tenth month in a row in November, although...


Passengers wait inside the Ninoy Aquino International Airport Terminal 3 in Pasay City, Oct. 29. The growth in remittances is expected to slow next...


Philippine flags are displayed along the streets, June 3. — PHILIPPINE STAR/ EDD GUMBAN By Revin Mikhael D. Ochave, Reporter THE JOINT Foreign Chambers...


Workers prepare relief packs in Pasig City, Aug. 13, 2021. — PHILIPPINE STAR/ MICHAEL VARCAS LOCAL GOVERNMENT units (LGUs) should be given more time...


IN separate advisories, the Securities and Exchange Commission (SEC) has warned the public not to invest in CashBaka, Hero Mining International Group, and


SHIVENDU SHUKLA-UNSPLASH D.M. CONSUNJI, Inc.’s (DMCI) order book declined by 8.1% to P45.3 billion for the past three quarters from P49.3 billion in the...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.