News details


SM Prime's Net Income Reaches PHP30 Billion in FY2022




  • Share

SM Prime Holdings, Inc. (SM Prime), one of the leading integrated property developers in Southeast Asia, registered a PHP30.1 billion consolidated net income in 2022, 38% higher than PHP21.8 billion in 2021. This is supported by PHP105.8 billion in consolidated revenues, which was a 29% increase from last year's PHP82.3 billion. Consolidated operating income went up by 52% to PHP49.2 billion from PHP32.4 billion in the previous year.

"We are pleased to report that we ended 2022 on a positive note despite the challenges faced for the most of the year, owing to the robust consumer spending particularly in the last quarter.  We will continue to monitor this trend and watch out for impact of movements in the inflation and interest rates, including impact on our supply chain. Meanwhile, we are poised to build on the growth momentum and proceed to expand our footprint." said Mr. Jeffrey Lim, SM Prime President.

SM Prime's Philippine mall business, which accounts for 47% of the Company's consolidated revenues, registered PHP49.8 billion in revenues in 2022, more than double the PHP24.1 billion in the previous year. With the resumption of full rental fees in the second half of 2022, SM Prime's local mall rental income went up by 92% to PHP44.1 billion from PHP23.0 billion in 2021. With the notable development in the entertainment industry, SM Prime's cinema, event ticket sales, and other revenues recorded PHP5.7 billion, higher than last year's PHP1.1 billion.

In 2022, SM Prime expanded certain malls and opened four new malls in the Philippines namely SM City Roxas in Capiz, SM City Tanza in Cavite, SM City Sorsogon in Bicol, and SM City Tuguegarao in Cagayan. As of December 2022, SM Prime has 82 malls in the Philippines, consisting of 58 malls in the provincial areas, and 24 malls in Metro Manila.

SM Prime's office and hotel and convention center businesses, which account for 10% of the Company's consolidated revenues, recorded 59% growth in revenues to PHP10.5 billion in 2022 from PHP 6.6 billion in 2021. The Company's office business segment registered PHP6.1 billion in revenues in 2022, 22% higher than PHP5.0 billion in 2021. Meanwhile, SM Prime's hotel and convention center business segment reported PHP4.3 billion in revenues in 2022, almost triple the PHP1.6 billion revenue in 2021.

SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people.

Copyright © 2021 Xiamen SM City Co., Ltd.