SM Prime Net Income Surges 13% To PHP22.1 Billion In H1 2024 vs. Same Period Last Year

Integrated property developer SM Prime Holdings, Inc. reported a consolidated net income of PHP22.1 billion in the first half of 2024, registering a 13% increase from the same period in 2023.

SM Prime's offices, hotels, and convention centers business segments reported PHP7.0 billion in revenues in the first half of 2024. I Photo: SM Mall of Asia Arena X

Its consolidated revenues for the first six months of the current year amounted to PHP64.7 billion, up 8% from the previous year’s first semester, the company disclosed to the Philippine Stock Exchange (PSE).

Jeffrey C. Lim, President of SM Prime, stated, "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. 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."

SM Prime's total mall revenues reached PHP37.5 billion in the first half of 2024, an 8% increase from the 2023 figure.

The company's primary residential business unit's revenues registered PHP18.9 billion in the first half of 2024, up 8% from the first half of 2023. Its offices, hotels, and convention centers business segments reported PHP7.0 billion in revenues in the first half of 2024, a 13% increase from 2023.

The office business unit recorded PHP3.6 billion in revenues, while the hotels and convention centers business unit registered PHP3.4 billion in revenues in the first half of 2024.

Mr. Lim highlighted that SM Prime remains committed to its role as a catalyst for economic growth.