SM Prime sets 2021 capex at P80B

SY-LED SM Prime Holdings Inc. has earmarked P80 billion for its capital expenditure (capex) for 2021, with focus on its mall and residential business segments.

The property giant said it is also set to open three new malls in the country this year.

The firm also targets to launch 15,000 to 20,000 residential units with its primary residential business segment, SM Development Corp.

“SM Prime will continue assisting our

national government in its efforts to combat the spread of Covid-19 (coronavirus disease 2019) in the Philippines, primarily in key areas such as Metro Manila, Bulacan, Cavite, Rizal and Laguna, where the number of cases are still high,” SM Prime President Jeffrey Lim was quoted as saying.

“At the same time, we will continue exploring opportunistic acquisitions and/or investments that are well within our core competencies and expand further in provincial areas where we can operate,” Lim continued.

SM Prime recently reported a weaker full year income of P18 billion in 2020, down by almost 53 percent from its P38.1 billion figure in 2019.

The company’s consolidated revenues also dropped 30.8 percent to P81.9 billion last year from P118.3 billion in the previous year.

Shares of SM Prime declined P1.45 or 4 percent on Wednesday to close at P34.80 apiece.