For 2023, SM Prime president Jeffrey Lim says they're monitoring the impact of inflation and interest rates on their supply chains.
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.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.Meanwhile, SM Prime’s residential business, led by SM Development Corporation, posted a 12.6% dip in revenues to P40.1 billion.
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