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SM Prime’s net income up 17 percent in 2018

MANILA – SM Prime Holdings Inc on Monday said its consolidated net income rose 17 percent in 2018 to P32.2 billion from P27.6 billion the previous year.

Consolidated revenues grew 14 percent to P104.1 billion from P90.9 billion in 2017, while consolidated overall operating income grew 19 percent to P48.3 billion from P40.6 billion the previous year, the developer told the stock exchange.

In the fourth quarter of 2018, the developer recorded a 16 percent increase in net income to P8.7 billion from P7.5 billion the previous year. Consolidated revenue also grew by 13 percent to P29.5 billion from P26.2 billion during the said quarter. 

“The successes and achievements we are reaping today are hard work, strategy and partnerships we built 5 year ago when we consolidated all the key property companies of SM Group under SM Prime,” said SM Prime president Jeffrey Lim. 

The group aims to sustain this growth trajectory in the coming years, he said. 

SM Prime operates 72 malls in the Philippines and 7 malls in China as of December 2018. It also plans to launch between 15,000 to 18,000 residential units this year.

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