SM Prime income rises to P22.1 billion

MANILA, Philippines — SM Prime Holdings Inc., the listed integrated property developer of the Sy family, delivered a double-digit jump in earnings in the first half, driven by robust revenues across all its business segments.

From January to June, SM Prime recorded a net income of P22.1 billion, up by 13 percent from the P19.4 billion posted in the same period in 2023.

Revenues for the six-month period rose by eight percent to P64.7 billion on the back of strong performances from its mall, residential, office and hotel segments.

SM Prime’s mall business accounted for 58 percent of consolidated revenues during the period, while the company’s primary residential business unit contributed 29 percent.

“SM Prime’s growth in the first half of 2024 remains steady as we realize value from our past expansion projects across our business portfolio,” SM Prime president Jeffrey Lim said.

SM Prime saw total mall revenues expand by eight percent to P37.5 billion in the first half as mall rental revenues improved by nine percent to P32.1 billion.

Primary residential business unit’s revenues amounted to P18.9 billion, eight percent higher from last year, with the company’s reservation sales reaching P40.2 billion.

 SM Prime’s offices, hotels and convention centers business segments, meanwhile, reported revenues of P7 billion during the period, a 13-percent increase from P6.2 billion in the first half of 2023.

 Its office business unit posted P3.6 billion in revenues, while the hotels and convention centers business unit generated P3.4 billion.

 Following its strong first half results, SM Prime has assured stakeholders of its commitment to its role as a catalyst for economic growth by delivering innovative and sustainable lifestyle cities.

 “As we celebrate this year our 30th anniversary as a public company, we are determined to continue expanding our core businesses across the Philippines and introduce innovative and bigger projects in the coming years,” Lim said.

“SM Prime remains steadfast in bringing the SM brand closer to more Filipinos through our integrated property developments that promote climate resilience environmental sustainability and prosperity to all,” he said.