SY family-led SM Prime Holdings, Inc. (SMPH) on Monday reported that its consolidated net income for the first nine months of 2024 grew 12 percent to P33.9 billion from P30.1 billion a year ago, driven by higher earnings from malls and other key businesses.
Consolidated revenues reached P99.8 billion, up 8 percent from last year’s P92.6 billion.
“Our 30th anniversary is shaping up to be a milestone year, with results indicating we’re on track to finish yet another banner year,” SMPH President Jeffrey Lim said.
“For the remainder of the year, we anticipate continued growth due to the recent opening of SM City J Mall and the upcoming holiday season,” he added.
For the third quarter alone, SMPH saw an 11-percent increase in net income to P11.8 billion as revenues rose 7 percent to P35.1 billion.
Consolidated operating income for the first three quarters rose 7 percent to P47.7 billion, with P16.6 billion recorded for the third quarter alone.
SMPH recorded a full-year net income of P40 billion in 2023, the highest in its history. Its nine-month result this year is just a little over P6 billion shy of surpassing the previous year’s record.
The company’s mall business, which accounted for 57 percent of consolidated revenues, saw total revenues grow 8 percent year-on-year to P56.5 billion. Of this, mall rental income reached P48.5 billion, up 8 percent, while P8 billion came from cinemas, event ticket sales, and other revenues.
The primary residential business posted revenues of P31.2 billion, up 9 percent from a year ago. SM Development Corp., its real estate development arm, booked P47 billion in reservation sales.
Revenue from other key businesses, including offices, hotels, and convention centers, reached P11 billion from January to September, 11 percent higher than last year’s P9.9 billion.
“SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people,” the company said.
SMPH shares on Monday slipped 70 centavos, or 2.45 percent, to P27.90 apiece.
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