SM Prime Holdings, Inc., the listed property developer of the SM Group, said on Monday its market value has reached P1 trillion due to a favorable industry outlook and the integration of all its property businesses since 2013.
This makes SM Prime the first Philippine company to reach such milestone in the market.
“SM Prime acknowledges the investment community’s unwavering support,” SM Prime Chief Finance Officer
John Ong said in a statement. “This is a great moment for us to share this success as we continue to deliver our commitment to our shareholders.”
SM said the strategic move of SM Group enabled SM Prime to realize synergies among its business units, increasing efficiencies in operations and revenue in enhanced shareholder value.
It also enabled the company to pursue larger projects from reclaiming land for long-term integrated developments.
“SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities that enrich the quality of life of millions,” the company said.
SM Prime is the property vehicle of the SM Group under the umbrella conglomerate SM Investments Corp., which also counts SM Retail Inc. and BDO Unibank Inc. in its fold.