MANILA, Philippines – People flocking to malls after over two years of intermittent pandemic lockdowns boosted property developer SM Prime Holdings’ net income by 38% to P30.1 billion in 2022.

In a stock exchange filing on Monday, February 20, SM Prime reported a 29% increase in revenues to P105.8 billion.

Its mall business, which accounts for 47% of consolidated revenues, delivered P49.8 billion in 2022, more than double the P24.1 billion in 2021.

Mall rental income went up 92% to P44.1 billion, as full rental fees resumed in the second half of 2022. As for cinema and event ticket sales, it jumped 418% to P5.7 billion.

In 2022, SM Prime opened four new malls in the Philippines, bringing the total to 82.

Meanwhile, SM Prime’s residential business, led by SM Development Corporation, posted a 12.6% dip in revenues to P40.1 billion. 

Hotel and convention center and office businesses saw a 59% growth in revenues to P10.5 billion. 

“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,” said Jeffrey Lim, SM Prime president.

“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.” – Rappler.com