SM Prime's PHP40-B 2023 Consolidated Net Income 2023 Marks 33% Increase

SM Prime Holdings, Inc. declared a consolidated net income of Php40 billion in 2023, marking a significant 33% surge compared to its previous record of Php30.1 billion in 2022.

The mall business accounted for 56% of consolidated revenues, registering a 30% revenue growth to Php71.9 billion in 2023. I Photo: SM Supermalls

In its disclosure to the Philippine Stock Exchange (PSE), the company reported consolidated revenues of Php128.1 billion for 2023, reflecting a 21% increase from Php105.8 billion in 2022.

Furthermore, consolidated operating income grew by 24% to Php61.3 billion from Php49.2 billion in the preceding year.

Jeffrey Lim, SM Prime President, attributed the favorable outcome to strong support and trust from tenants and customers despite economic challenges.

Lim expressed optimism regarding continued growth momentum in 2024 as the company pursues expansion plans and explores new opportunities. The mall business accounted for 56% of consolidated revenues, registering a 30% revenue growth to Php71.9 billion in 2023.

Meanwhile, residential business revenues, led by SMDC, saw an 8% increase to Php43.1 billion, with gross profit rising by 15% to Php25.4 billion. Other key businesses, including offices, hotels, and convention centers, contributed Php13.1 billion in revenues, marking a 26% increase from the previous year.

SM Prime disclosed plans for a capital expenditure program of up to Php100 billion for 2024, reaffirming its commitment to driving economic growth and enriching the quality of life through innovative and sustainable lifestyle cities.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem