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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, and Hotels 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 2021 PHPUSD
Revenue82,315.48M1,669.86M
Gross Profit52,791.36M1,070.93M
Operating income32,414.55M657.56M
Income before tax27,733.52M562.60M
Net income21,786.51M441.96M
EBITDA43,231.42M877.00M
Diluted EPS0.750.01
Dividends Per Share0.090.00
Total Assets804,403.28M15,774.93M
Total liabilities470,042.50M9,217.87M
Total equity332,919.20M6,528.78M
Operating cash flow21,770.36M441.63M
Currency in PHPCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 90,921.85M 104,080.56M 118,311.49M 81,899.29M 82,315.48M
Gross Profit 64,210.03M 73,826.30M 83,643.62M 50,624.22M 52,791.36M
Operating income 40,628.79M 40,416.81M 56,692.32M 29,074.18M 32,414.55M
Income before tax 35,947.86M 41,966.17M 49,161.99M 22,463.74M 27,733.52M
Net income 27,573.86M 32,172.88M 38,085.60M 18,006.51M 21,786.51M
EBITDA 49,587.96M 57,982.65M 67,517.40M 39,415.79M 43,231.42M
Diluted EPS 0.95 1.11 1.31 0.62 0.75
Dividends Per Share 0.35 0.35 0.18 0.08 0.09
Total Assets 538,417.59M 604,134.31M 667,279.67M 722,358.92M 804,403.28M
Total liabilities 275,543.68M 325,056.35M 364,763.40M 411,641.29M 470,042.50M
Total equity 258,957.22M 275,302.99M 300,916.17M 309,284.06M 332,919.20M
Operating cash flow 31,355.49M 40,765.68M 45,068.75M 10,116.06M 21,770.36M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 1,803.48M 1,975.60M 2,284.87M 1,651.17M 1,669.86M
Gross Profit 1,273.63M 1,401.33M 1,615.35M 1,020.63M 1,070.93M
Operating income 805.89M 767.17M 1,094.86M 586.16M 657.56M
Income before tax 713.04M 796.58M 949.43M 452.89M 562.60M
Net income 546.94M 610.69M 735.52M 363.03M 441.96M
EBITDA 983.60M 1,100.59M 1,303.91M 794.66M 877.00M
Diluted EPS 0.01 0.02 0.02 0.01 0.01
Dividends Per Share 0.00 0.00 0.00 0.00 0.00
Total Assets 10,785.60M 11,488.71M 13,175.62M 15,041.78M 15,774.93M
Total liabilities 5,519.70M 6,181.54M 7,202.35M 8,571.66M 9,217.87M
Total equity 5,187.44M 5,235.39M 5,941.67M 6,440.26M 6,528.78M
Operating cash flow 621.95M 773.79M 870.38M 203.95M 441.63M

Valuation Measures

Dec 2021
PER44.90
ROA2.85%
ROE6.78%
Operating margin39.37%
Profit margin26.46%

Key executives

  • President & Executive Director: Jeffrey C. Lim
  • Chief Finance Officer & Chief Information Officer: Nai Peng C. Ong
  • VP-Finance & Corporate Information Officer: Teresa Cecilia H. Reyes
  • Chief Risk & Commercial Officer: Marvin Perrin L. Pe
  • Assistant Corporate Secretary: Arthur A. Sy

Shareholders

  • SM Investments Corp. (49.7%)
  • APG Asset Management NV (2.6%)
  • SY HARLEY TAN (2.3%)
  • SY TERESITA T (2.2%)
  • SY ELIZABETH T (2.2%)
  • SY HERBERT T (2.2%)
  • SY HANS T (2.2%)
  • SY HENRY T JR (1.4%)
  • The Vanguard Group, Inc. (1.1%)
  • SY HENRY SR FAMILY (1.1%)

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.
  • Sta. Lucia Land, Inc.
  • Alliance Global Group Inc.
  • Empire East Land Holdings Inc.
  • Vista Land & Lifescapes, Inc.
  • Global-Estate Resorts, Inc.
  • Shang Properties, Inc.
  • Rockwell Land Corp.
  • D.M. Wenceslao & Associates, Inc.
  • Filinvest Development Corporation
  • 8990 Holdings, Inc.
  • Keppel Philippines Properties, Inc.
  • RL Commercial REIT, Inc.
  • DDMP REIT, Inc.
Last Updated on 26 May, 2022

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