SM Prime Holdings, Incorporated, is carrying on with its growth strategy through property developments.
As of December 2019, the company now possesses three trade halls and four convention centers.
Furthermore, SM Prime runs eight hotels with more than 1,900 rooms. It also has 12 office buildings with a combined gross floor area (GFA) of 695,000 square meters.
Jeffrey Lim, president of SM Prime, remarked that the steady expansion of the company has significantly contributed to its growth.
He cited that they are looking forward to 2020 as they bolster their presence in more essential realms in the Philippines.
They will continue SM Prime’s growth strategy by sustainable integrated property developments that have immense possibility to further help in the progress of the overall economy, Lim said.
SM Prime will also add more convention centers with the inauguration of the Olongapo City Convention Center and SMX Clark scheduled this year, as per the news posted online by The Philippine Star, an English-language print and digital newspaper in the Philippines.
It also intends to open the initial building and podium of FourE-Com Center, adding over 110,000 square meters of GFA to its office portfolio.
SM Prime will also launch one Park Inn by Radisson in Bacolod. Plus, the firm will expand the existing Park Inn by Radisson in Clark.
In 2019, the company grew its net income by 18 percent to P38.1 billion. It registered consolidated revenues of P118.3 billion in that year, marking an increment of 14 percent.
The mall business of SM Prime posted an eight-percent increase in revenue to P57.8 billion last year.
Robust same-mall-sales growth across all mature malls has reportedly driven this development.
Aside from its 74 malls in the Philippines, SM Prime also has seven malls based in China.
Meanwhile, the residential segment of the company, which SM Development Corporation (SMDC) leads, posted a 24-percent revenue growth to P45.2 billion.
The reservation sales of SMDC also ballooned 24 percent to P90 billion. The other business groups of SM Prime, including its convention centers, office space, hotels, and commercial properties also grew.
They posted combined revenues of P9.6 billion, which is 14 percent higher year-on-year.
According to SM Prime, the growth of the commercial properties and the hotel and convention centers business segments is attributed to the opening of Park Inn by Radisson hotels in Iloilo and North EDSA, Quezon City.
Moreover, the opening of NU Mall of Asia or NUMA and the full-year revenue contribution of ThreeE-Com Center helped in this development, the firm said.
SM Prime Holdings, Incorporated (PSE: SMPH) closed on February 17, 2020 at P41.70 per share, without any changes in the value.
The 52-week high of SMPH is at P43.35. Meanwhile, the company’s 52-week low is at 34.00.
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