(08 November 2021, Pasay City, Philippines) 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. 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 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.
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 has reached PHP76.3 billion in the first three quarters of 2021, 14% higher from PHP66.7 billion in the same period last year. The strengthened online presence and continuous construction of SMDC projects boost 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 from 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 to the IATF guidelines. Meanwhile, SM Prime's China mall business has reported a 28% increase in revenue to RMB0.59 billion in 9M2021 from RMB0.46 in 9M2020.
SM Prime's commercial properties business reported PHP3.8 billion revenue in the first three quarters of the year, slightly higher from 9M2020. The Company's hotels and convention centers business segment registered PHP0.9 billion revenue for the first nine months of 2021.
"As the country continues to survive the pandemic, SM Prime will remain optimistic by providing support to the government as well as convenience, services and entertainment to its customers," Mr. Lim concluded.
SM Prime remains committed to being a catalyst for economic growth by delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life for millions of people.
For further information, please contact: Mr. Alexander Pomento
Vice President, Investor Relations, SM Prime Holdings, Inc.
E-mail: firstname.lastname@example.org | Tel. no.: +632 8862 7940
SM Investments Corporation published this content on 08 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 11:04:21 UTC.