MANILA, Philippines – SM Prime Holdings saw a 21% growth in its net income in 2021, as mobility restrictions eased and more people flocked to malls.

In a stock exchange filing on Monday, February 21, SM Prime reported a net income of P21.8 billion in 2021, higher than the P18 billion in 2020.

Consolidated revenues reached P25.5 billion last year, 20% higher than the P21.2 billion in 2020.

With the earnings recovery, SM Prime president Jeffrey Lim said they are set to “pursue business expansions with broader funding options available locally and internationally.”

SM Prime’s residential business unit, led by SM Development Corporation, recorded P45.9 billion in revenues, while sales take-up reached P98.9 billion.

Meanwhile, its mall business reported P24.1 billion in total revenues in 2021, higher compared to the P23.6 billion in 2020. Rent income improved by 6%.

SM Prime launched two new malls: SM City Daet in Camarines Norte and SM City Grand Central in Caloocan City. 

SM Prime also opened MOA Square, a commercial space beside SM Mall of Asia which houses the first IKEA store in the Philippines. (WATCH: How IKEA’s DIY furniture and meatballs will change Philippine culture)

SM Prime’s other businesses, which include offices, hotels, and convention centers, reported P6.6 billion in consolidated revenues in 2021, 4% higher than in 2020.

The commercial properties business segment recorded P5 billion in revenues in 2021, 5% higher, while the hotels and convention centers business segment generated P1.6 billion. – Rappler.com