SM Prime : President’s Message (2023 Annual Stockholders’ Meeting)
April 24, 2023
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President's Report
Jeffrey C. Lim
President
(JCL on screen)
President:
Good afternoon, ladies and gentlemen. Let me welcome everyone to SM Prime Holdings Inc.'s 2023 Annual Stockholders' Meeting. I hope you are all well as we gather once again to celebrate the past year and welcome this new chapter with renewed hopes and a positive outlook.
President:
We welcomed 2022 with a more straightforward path to recovery despite the surge of COVID-19 cases at the beginning of the year due to the Omicron variant. With the reopening of borders, relaxation of health and safety protocols, and full access to various means of transportation, we gained momentum in delivering our commitment to build and manage innovative and sustainable lifestyle cities across the country.
Through our continued pursuit of growth and expansion, SM Prime remains steadfast in empowering the communities we serve, reaching greater footprint in key areas in the country.
Consolidated Net Income
50
40
30.1
30
21.79
20
18.01
10
0
2022
2021
2020
Consolidated Revenue
Consolidated Assets
120
1000
105.79
874.21
100
804.40
800
82.32
81.9
722.36
80
600
60
400
40
20
200
0
0
2022
2021
2020
2022
2021
2020
President:
In 2022, SM Prime reported a consolidated net income of PHP30.1 billion, 38% higher than PHP21.8 billion in 2021. This is supported by a 29% increase in consolidated revenues to PHP105.8 billion from last year's PHP82.3 billion. Your Company's consolidated assets reached PHP874.2 billion from PHP804.4 billion in the previous year. These results were achieved despite the challenges we faced in 2022, due to rising inflation and interest rates, affecting the supply chain domestic spending.
Malls
Revenue Contribution
52%
SM City North EDSA
President:
SM Prime's mall business accounts for 52% of the Company's consolidated revenues. Malls based in the Philippines registered PHP49.8 billion in revenues in 2022, more than double of the reported PHP24.1 billion in the previous year. These results were due to the resumption of full rental fees in the second half of 2022 and the notable recovery in the entertainment industry that pushed SM Prime's cinema, event ticket sales, and other revenues to PHP5.7 billion.
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SM Prime Holdings Inc. published this content on 25 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2023 03:00:11 UTC.
SM Prime Holdings, Inc. is a Philippines-based integrated property developer, which is engaged in the development of malls, residences, offices, hotels and convention centers. The Company has approximately 85 malls in Philippines and eight shopping malls in China, totaling 10.8 million square meters of Gross Floor Area (GFA). In the Philippines, the Company has a total of 20,615 tenants and 2,183 tenants in China. The Mall segment develops, conducts, operates and maintains the business of modern commercial shopping centers and all businesses related thereto. Residential and commercial segments are involved in the development and transformation of residential, commercial, entertainment and tourism districts through sustained capital investments in buildings and infrastructure. The Hotels and Convention Centers segment is engaged in and carries on the business of hotel and convention centers and operates and maintains any and all services and facilities incident thereto.
SM PRIME HOLDINGS, INC. 
