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Finance

SM Prime Holdings, Inc.

Company Background

SM Prime Holdings used to be the mall development arm of SM Investments, the publicly listed holding company of the Sy family, the Philippines' richest. But in 2013, the Sy family decided to consolidate its property assets under SM Prime. The consolidation process saw the Sy-controlled condominium builder SM Development, leisure property firm Highlands Prime and privately held SM Land being folded into SM Prime.

The restructuring made SM Prime the Philippines' biggest real estate company and one of the largest in the region in terms of market capitalization.

With its enlarged scale, SM Prime in early 2014 launched a five-year plan that calls for spending 400 billion pesos to almost double its real estate projects and sales by 2019. The plan includes expanding the company's shopping centers in the Philippines, from 48 at the end of 2013, to 74. This is on top of operations in China, where the company has five malls.

SM Prime is managed by Hans Sy, a son of Henry Sy, SM Group founder and the Philippines' richest man.

Business Summary

SM Prime Holdings, Inc. develops, conducts, operates and maintains modern commercial shopping centers. It operates through the following segments: Malls, Residential, Commercial & Hotel and Convention centers. The Mall segment develops, conducts, operates and maintains the business of modern commercial shopping centers and all businesses related thereto such as the conduct, operation and maintenance of shopping center spaces for rent, amusement centers, or cinema theaters within the compound of the shopping centers. The Residential and Commercial segments are involved in the development and transformation of major residential, commercial, entertainment and tourism districts through sustained capital investments in buildings and infrastructure. The Hotels and Convention centers segment engages in and carry on the business of hotel and convention centers and operates and maintains any and all services and facilities incident thereto. The company was founded on January 6, 1994 and is headquartered in Pasay, Philippines.

Financial Highlights

Dec 2019 PHPUSD
Revenue118,311.49M2,284.87M
Gross Profit83,643.62M1,615.35M
Operating income47,542.55M918.15M
Income before tax49,161.99M949.43M
Net income38,085.60M735.52M
EBITDA67,517.40M1,303.91M
Diluted EPS1.310.02
Dividends Per Share0.180.00
Total Assets667,279.67M13,175.62M
Total liabilities364,763.40M7,202.35M
Total equity300,916.17M5,941.67M
Operating cash flow45,068.75M870.38M
Currency in PHPCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 72,679.89M 80,931.16M 90,921.85M 104,080.56M 118,311.49M
Gross Profit 51,076.43M 57,432.63M 64,210.03M 73,826.30M 83,643.62M
Operating income 29,140.76M 31,557.13M 34,771.82M 40,416.81M 47,542.55M
Income before tax 34,367.93M 30,988.67M 35,947.86M 41,966.17M 49,161.99M
Net income 28,302.09M 23,805.71M 27,573.86M 32,172.88M 38,085.60M
EBITDA 39,574.38M 44,194.33M 49,587.96M 57,982.65M 67,517.40M
Diluted EPS 0.98 0.82 0.95 1.11 1.31
Dividends Per Share 0.23 0.26 0.35 0.35 0.18
Total Assets 433,828.43M 465,560.13M 538,417.59M 604,134.31M 667,279.67M
Total liabilities 217,985.59M 230,196.58M 275,543.68M 325,056.35M 364,763.40M
Total equity 212,488.82M 231,481.03M 258,957.22M 275,302.99M 300,916.17M
Operating cash flow 29,978.30M 34,514.53M 31,355.49M 40,765.68M 45,068.75M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 1,596.20M 1,704.26M 1,803.48M 1,975.60M 2,284.87M
Gross Profit 1,121.74M 1,209.42M 1,273.63M 1,401.33M 1,615.35M
Operating income 639.99M 664.53M 689.71M 767.17M 918.15M
Income before tax 754.79M 652.56M 713.04M 796.58M 949.43M
Net income 621.57M 501.30M 546.94M 610.69M 735.52M
EBITDA 869.13M 930.65M 983.60M 1,100.59M 1,303.91M
Diluted EPS 0.02 0.01 0.01 0.02 0.02
Dividends Per Share 0.00 0.00 0.00 0.00 0.00
Total Assets 9,219.60M 9,365.05M 10,785.60M 11,488.71M 13,175.62M
Total liabilities 4,632.57M 4,630.55M 5,519.70M 6,181.54M 7,202.35M
Total equity 4,515.75M 4,656.39M 5,187.44M 5,235.39M 5,941.67M
Operating cash flow 658.38M 726.81M 621.95M 773.79M 870.38M

Valuation Measures

Dec 2019
PER31.89
ROA5.99%
ROE13.21%
Operating margin40.18%
Profit margin32.19%

Key executives

  • President & Executive Director: Jeffrey C. Lim
  • Chief Finance Officer & Compliance Officer: Nai Peng C. Ong
  • VP-Finance & Corporate Information Officer: Teresa Cecilia H. Reyes
  • Vice President: Marissa N. Fernan
  • Assistant Secretary: Arthur A. Sy

Shareholders

  • SM Investments Corp. (49.7%)
  • APG Asset Management NV (2.4%)
  • SY HARLEY TAN (2.3%)
  • SY HENRY T JR (2.3%)
  • SY HANS T (2.3%)
  • SY TERESITA T (2.2%)
  • SY ELIZABETH T (2.2%)
  • SY HERBERT T (2.2%)
  • Estate Of Sy Henry Sr (1.3%)
  • The Vanguard Group, Inc. (1.2%)

Contact Details

  • Website:http://www.smprime.com
  • Address: Mall of Asia Arena, Annex Building, Coral Way Corner J.W. Diokno Blvd, Pasay, 1300, Philippines
  • Phone: +63.632.8831.1000

Related Companies

  • SM Lifestyle Entertainment, Inc.
  • Xiamen SM City Co., Ltd.
  • SM Supermalls
  • SM Lifestyle Center
  • SM City (Chongqing) Co., Ltd.
  • Chas Realty & Development Corp.
  • SM Land (China) Ltd.
  • Sm Arena Complex Corp.
  • Tagaytay Resort Development Corp.
  • Associated Development Corp. (Philippines)
  • Costa Del Hamilo, Inc.
  • Premier Southern Corp.
  • Premier Central, Inc.
  • Consolidated Prime Development Corp.
  • First Asia Realty Development Corp.
  • Affluent Capital Enterprises
  • Mega Make Enterprises Ltd.
  • Prime Metroestate, Inc.
  • SM Development Corporation
  • Highlands Prime Inc.

Competitors

  • Megaworld Corp.
  • Robinsons Land Corp.
  • JG Summit Holdings Inc.
  • Ayala Corp.
  • Cityland Development Corporation
  • Shang Properties, Inc.
  • 8990 Holdings, Inc.
  • Sta. Lucia Land, Inc.
  • Alliance Global Group Inc.
  • Empire East Land Holdings Inc.
  • Filinvest Land Incorporated
  • Rockwell Land Corp.
  • Global-Estate Resorts, Inc.
  • D.M. Wenceslao & Associates, Inc.
  • Keppel Philippines Properties, Inc.
Last Updated on 20 Oct, 2020

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