Manila, Philippines–Integrated property company SM Prime Holdings, Inc. (SM Prime) registered a recurring net income growth of 16% in 2017 to P27.6 billion from P23.8 billion in 2016. Consolidated revenues grew 14% to P90.9 billion in 2017 from P79.8 billion in 2016. Overall operating income improved by 15% to P40.6 billion in 2017 from P35.3 billion in 2016.

This growth was driven by the increase in rental revenues from malls that opened and expanded in 2016 and 2017, supported by the strong sales take-up of residential units from various developments.

SM Prime’s mall revenues grew by 9% to P53.2 billion in 2017 from P48.6 billion in 2016. Rent income improved by 11% to P45.3 billion from P41.0 billion in the same period under review.

The company recently opened and/or expanded these shopping centers: SM City San Jose Del Monte, SM City Trece Martires, SM City East Ortigas, SM CDO Downtown Premier, S-Maison at Conrad Manila, SM City Puerto Princesa, and SM Center Tuguegarao Downtown.

SM Prime currently has 67 malls in the Philippines, which total to 8.0 million sqm of gross floor area (GFA) and seven malls in China, which total to 1.3 million sqm of GFA.

SM Prime’s residential group, led by SM Development Corporation (SMDC), on the other hand, posted a revenue growth of 18% to P30.0 billion in 2017 from P25.4 billion in 2016. Operating income improved by 24% to P8.9 billion from P7.1 billion.

Its residential developments Shore Residences and Shore 2 Residences in Pasay City, Air Residences in Makati City, and Fame Residences in Mandaluyong City contributed to this growth.