SM Prime Holdings Inc.
. issued that their net income for 2014 grew to P18 billion, 13 percent higher than the year before.
While 2013 earned them P16.72 billion in consolidated net income, 2014 yielded P18.4 billion, said the property giant. Likewise, consolidated revenues jumped by 11 percent to P66.2 billion from 2013's P59.79 billion.
Rent from retail units in malls and commercial office spaces accounted for 55 percent of the growth. Residential contributed 33 percent; meanwhile, 12 percent were garnered from cinemas and amusement.
"The encouraging financial performance in 2014 reiterates that the transformation of SM Prime into a property conglomerate is bearing fruits and trending above management expectations," said Hans T. Sy, president of SM Prime.
"We expect this performance to be surpassed this year as the company pursues its 2015 expansion plans with the opening of four new malls, the completion of Five E-com Center and the launch of five new housing projects," continued Sy. "This is to complement the expansion of existing malls and ongoing construction of high-rise residential development projects."
Formed in 2013 as a holding company of real estate assets and subsidiaries of the SM Group, SM Prime develops, operates, and maintains retail, residential, commercial, and recreational projects all over the country. It rakes in the lion's share of the local retail sector, being the biggest mall operator in the country and one of the largest mall chains in the world.