SM Prime nets P18 billion in 2020

SY-owned SM Prime Holdings Inc reported a consolidated net income of P18 billion last year, down 52.7 percent from the P38.1 billion posted in 2019.

SM Prime president Jeffrey Lim said the company’s core businesses are slowly recovering from the contraction brought about by community quarantines, which were imposed since last year as a result of the COVID-19 global health pandemic.

“Our company will continue providing avenues that will further enhance and facilitate these collective efforts with various organization, while sustaining our assistance to our employees, business partners and the communities we serve,” Lim said.

SM Prime raked in consolidated revenues of P81.9 billion last year, below the P118.3 billion in 2019, down 30 percent.

Among the different business segments,SM Prime’s Philippine mall business reported P23.6 billion in revenues, down 59 percent as compared to P57.8 billion in 2019 while SM Prime’s residential business, led by SM Development Corp. (SMDC), posted a six percent revenue increase in 2020 to P46.5 billion from P43.7 billion in the previous year. 

The commercial properties business segment reported P4.8 billion revenues in 2020 from the previous year’s P4.6 billion as business’ operating income reached P3.9 billion from the previous year’s P3.8 billion. Meanwhile, the company’s hotels and convention centers business segment recorded P1.6 billion revenues for the year 2020 as compared to P5.1 billion in 2019.

Moving forward, Lim said the company is optimistic that 2021 would be a better year. 

“We are optimistic, that together as one, we will all rise from this challenge and look forward to a better year. We encourage our fellow Filipino to keep supporting our local businesses while practicing safety protocols at all times,” he said. 

SM Prime is the property giant and mall developer of the SM Group under its listed conglomerate SM Investments Corp.