Finance
SM Prime Holdings, Inc.
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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 2020 | PHP | USD |
| Revenue | 81,899.29M | 1,651.17M |
| Gross Profit | 50,624.22M | 1,020.63M |
| Operating income | 29,074.18M | 586.16M |
| Income before tax | 22,463.74M | 452.89M |
| Net income | 18,006.51M | 363.03M |
| EBITDA | 39,415.79M | 794.66M |
| Diluted EPS | 0.62 | 0.01 |
| Dividends Per Share | 0.08 | 0.00 |
| Total Assets | 722,358.92M | 15,041.78M |
| Total liabilities | 411,641.29M | 8,571.66M |
| Total equity | 309,284.06M | 6,440.26M |
| Operating cash flow | 10,116.06M | 203.95M |
| Currency in PHP | Currency in USD |
Historical Data
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | |
| Revenue | 80,931.16M | 90,921.85M | 104,080.56M | 118,311.49M | 81,899.29M |
| Gross Profit | 57,432.63M | 64,210.03M | 73,826.30M | 83,643.62M | 50,624.22M |
| Operating income | 31,557.13M | 40,628.79M | 40,416.81M | 56,692.32M | 29,074.18M |
| Income before tax | 30,988.67M | 35,947.86M | 41,966.17M | 49,161.99M | 22,463.74M |
| Net income | 23,805.71M | 27,573.86M | 32,172.88M | 38,085.60M | 18,006.51M |
| EBITDA | 44,194.33M | 49,587.96M | 57,982.65M | 67,517.40M | 39,415.79M |
| Diluted EPS | 0.82 | 0.95 | 1.11 | 1.31 | 0.62 |
| Dividends Per Share | 0.26 | 0.35 | 0.35 | 0.18 | 0.08 |
| Total Assets | 465,560.13M | 538,417.59M | 604,134.31M | 667,279.67M | 722,358.92M |
| Total liabilities | 230,196.58M | 275,543.68M | 325,056.35M | 364,763.40M | 411,641.29M |
| Total equity | 231,481.03M | 258,957.22M | 275,302.99M | 300,916.17M | 309,284.06M |
| Operating cash flow | 34,514.53M | 31,355.49M | 40,765.68M | 45,068.75M | 10,116.06M |
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | |
| Revenue | 1,704.26M | 1,803.48M | 1,975.60M | 2,284.87M | 1,651.17M |
| Gross Profit | 1,209.42M | 1,273.63M | 1,401.33M | 1,615.35M | 1,020.63M |
| Operating income | 664.53M | 805.89M | 767.17M | 1,094.86M | 586.16M |
| Income before tax | 652.56M | 713.04M | 796.58M | 949.43M | 452.89M |
| Net income | 501.30M | 546.94M | 610.69M | 735.52M | 363.03M |
| EBITDA | 930.65M | 983.60M | 1,100.59M | 1,303.91M | 794.66M |
| Diluted EPS | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 |
| Dividends Per Share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Assets | 9,365.05M | 10,785.60M | 11,488.71M | 13,175.62M | 15,041.78M |
| Total liabilities | 4,630.55M | 5,519.70M | 6,181.54M | 7,202.35M | 8,571.66M |
| Total equity | 4,656.39M | 5,187.44M | 5,235.39M | 5,941.67M | 6,440.26M |
| Operating cash flow | 726.81M | 621.95M | 773.79M | 870.38M | 203.95M |
Valuation Measures
| Dec 2020 | |
| PER | 61.69 |
| ROA | 2.59% |
| ROE | 5.90% |
| Operating margin | 35.49% |
| Profit margin | 21.98% |
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
- Chief Risk Officer: Marvin Perrin L. Pe
- Vice President-Internal Audit: Christopher S. Bautista
Shareholders
- APG Asset Management NV (2.7%)
- The Vanguard Group, Inc. (1.1%)
- Invesco Advisers, Inc. (1.1%)
- Matthews International Capital Management LLC (0.8%)
- BlackRock Fund Advisors (0.6%)
- BlackRock Advisors (UK) Ltd. (0.2%)
- JPMorgan Asset Management (Singapore) Ltd. (0.2%)
- BDO Unibank, Inc. (Investment Management) (0.2%)
- Norges Bank Investment Management (0.1%)
- Geode Capital Management LLC (0.1%)
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
- Ayala Corp.
- Sta. Lucia Land, Inc.
- 8990 Holdings, Inc.
- Empire East Land Holdings Inc.
- Global-Estate Resorts, Inc.
- Megaworld Corp.
- Robinsons Land Corp.
- Alliance Global Group Inc.
- JG Summit Holdings Inc.
- D.M. Wenceslao & Associates, Inc.
- DDMP REIT, Inc.
- Filinvest Development Corporation
- Keppel Philippines Properties, Inc.
- Rockwell Land Corp.
- Shang Properties, Inc.
- Vista Land & Lifescapes, Inc.
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Last Updated on 27 Oct, 2021
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