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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. The company operates in four 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. SM Prime Holdings was founded on January 6, 1994 and is headquartered in Pasay, Philippines.

Financial Highlights

Dec 2018 PHPUSD
Revenue104,080.56M1,975.60M
Gross Profit73,826.30M1,401.33M
Operating income40,416.81M767.17M
Income before tax41,966.17M796.58M
Net income32,172.88M610.69M
EBITDA57,982.65M1,100.59M
Diluted EPS1.110.02
Dividends Per Share0.350.00
Total Assets604,134.31M11,488.71M
Total liabilities325,056.35M6,181.54M
Total equity275,302.99M5,235.39M
Operating cash flow40,765.68M773.79M
Currency in PHPCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 66,971.95M 72,679.89M 80,931.16M 90,921.85M 104,080.56M
Gross Profit 45,826.19M 51,076.43M 57,432.63M 64,210.03M 73,826.30M
Operating income 24,267.25M 29,140.76M 31,557.13M 34,771.82M 40,416.81M
Income before tax 23,674.13M 34,367.93M 30,988.67M 35,947.86M 41,966.17M
Net income 18,390.35M 28,302.09M 23,805.71M 27,573.86M 32,172.88M
EBITDA 34,998.17M 39,574.38M 44,194.33M 49,587.96M 57,982.65M
Diluted EPS 0.66 0.98 0.82 0.95 1.11
Dividends Per Share 0.21 0.23 0.26 0.35 0.35
Total Assets 389,289.96M 433,828.43M 465,560.13M 538,417.59M 604,134.31M
Total liabilities 187,051.76M 217,985.59M 230,196.58M 275,543.68M 325,056.35M
Total equity 199,087.69M 212,488.82M 231,481.03M 258,957.22M 275,302.99M
Operating cash flow 3,623.90M 29,978.30M 34,514.53M 31,355.49M 40,765.68M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 1,508.76M 1,596.20M 1,704.26M 1,803.48M 1,975.60M
Gross Profit 1,032.38M 1,121.74M 1,209.42M 1,273.63M 1,401.33M
Operating income 546.69M 639.99M 664.53M 689.71M 767.17M
Income before tax 533.33M 754.79M 652.56M 713.04M 796.58M
Net income 414.30M 621.57M 501.30M 546.94M 610.69M
EBITDA 788.44M 869.13M 930.65M 983.60M 1,100.59M
Diluted EPS 0.01 0.02 0.01 0.01 0.02
Dividends Per Share 0.00 0.00 0.00 0.00 0.00
Total Assets 8,702.62M 9,219.60M 9,365.05M 10,785.60M 11,488.71M
Total liabilities 4,181.56M 4,632.57M 4,630.55M 5,519.70M 6,181.54M
Total equity 4,450.62M 4,515.75M 4,656.39M 5,187.44M 5,235.39M
Operating cash flow 81.64M 658.38M 726.81M 621.95M 773.79M

Valuation Measures

Dec 2018
PER32.10
ROA5.63%
ROE12.04%
Operating margin38.83%
Profit margin30.91%

Key executives

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

Shareholders

  • SM Investments Corp. (49.7%)
  • SY HARLEY TAN (2.3%)
  • SY HENRY T JR (2.3%)
  • SY HANS T (2.3%)
  • Grand China International Ltd. (2.3%)
  • SY TERESITA T (2.2%)
  • SY ELIZABETH T (2.2%)
  • SY HERBERT T (2.2%)
  • APG Asset Management NV (2.1%)
  • Oriental Land Development Ltd. (1.6%)

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: +63.2.831.1000

Related Companies

  • 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.
  • Shang Properties, Inc.
  • 8990 Holdings, Inc.
  • Sta. Lucia Land, Inc.
  • Alliance Global Group Inc.
  • JG Summit Holdings Inc.
  • Empire East Land Holdings Inc.
  • Filinvest Land Incorporated
  • Rockwell Land Corp.
  • Global-Estate Resorts, Inc.
  • Cosco Capital, Inc.
Last Updated on 19 Sep, 2019

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