SM Prime Nets PHP30 Billion In Nine Months

SM Prime Holdings, Inc. (SM Prime), a leading integrated property developer in Southeast Asia, reported PHP33.9 billion in consolidated net income for the first nine months of 2024, a 12% increase from PHP30.1 billion in the same period in 2023.

For the first nine months of 2024, its mall business generated PHP56.5 billion, up 8%, with rental income contributing PHP48.5 billion. I Photo: SM Prime

Consolidated revenues rose 8% to PHP99.8 billion, while operating income grew 7% to PHP47.7 billion. Third-quarter income reached PHP11.8 billion, up 11% from the same period last year, supported by PHP35.1 billion in revenues.

"This is shaping up to be a milestone year for SM Prime as we celebrate our 30th anniversary," said SM Prime President Jeffrey Lim.

"We expect continued growth through the year-end, bolstered by the opening of SM City J Mall and the holiday season.”

In 2023, SM Prime posted its highest annual net income in history at PHP40 billion. For the first nine months of 2024, its mall business generated PHP56.5 billion, up 8%, with rental income contributing PHP48.5 billion.

Revenues from cinemas, ticket sales, and events grew by 4%. Revenues from SM Prime's residential segment reached PHP31.2 billion, a 9% increase, while reservation sales by SM Development Corporation (SMDC) hit PHP47.0 billion.

Other business lines, including offices, hotels, and convention centers, reported an 11% rise in revenues to PHP11.0 billion.