SM Prime Holdings, Inc. posted a 16.4% increase in its net income during the second quarter of 2019. This makes a P10.50 billion generated profit, higher compared to P9.02 billion it reported last year during the same period. If we take a look at the first 6 months of 2019, SM Prime already noted a growth of 16.1% in net income or P19.3 billion, better than the P16.62 billion in the first half of 2018. It’s a good thing to know that businesses are performing better this year because of certain reasons that connect us to what is currently happening in our economy. For SM Prime, let’s take a peek at what causes this growth.
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As per the firm, the country’s stable economy is helping them attain good figures and sustain the growth of its profit this year. The improved performance of SM Prime doesn’t only apply to one segment. In fact, the development is spread out across all its core businesses. Knowing that the Philippine economy is continuously stabilizing, the company is optimistic that it will continue to sustain the growth in the coming months of the year as it plans to launch new projects that will bring more properties in the country. So, expect that the year for SM Prime is not through yet. There will be more developments to come both for the business and for the consumers.
Aside from net profit, Sm Prime also posted a good increase in its revenue. The first six months’ consolidated revenue went up to P57.05 billion, 14.6% higher than P49.77 billion it recorded during the first half of last year. Mall revenues increased by 8.2% or P31.07 billion in figures. This makes 55% of the consolidated revenue of the firm. Rental revenue jumped by P7.1% or equivalent to P26.22 billion. The increase in rental revenue is due to the consistent growth in mall sales and the contributions of the newly open malls last year. The sales of cinema and event tickets were up by 9% to P2.81 billion. The growth in cinema sales was because of the popular movies like Avengers: Endgame and Captain Marvel that appeared in June and April.
We’ve known SM Prime as a Sy-led firm that has been providing satisfactory products and services not only to its patrons but as well as to its vendors. The company welcomed 2019 with a total of 8.3 million SQM assets equivalent to 72 malls, in the Philippines alone. It has also 7 malls in China extending to 1.3 million SQM. And last year, it launched 4 malls which are SM Mindpro Citimall in Zambales, SM Center Dagupan, SM City Bicutan, and SM City Olongapo Central. We’ve seen SM prosper in the past years and it will surely continue on giving smiles to its customers while bringing in big profits to the firm.