SM Prime profit up 12% to P33.9 billion

November 12, 2024 | 12:00am

MANILA, Philippines — SM Prime Holdings Inc. registered a double-digit earnings growth in the nine months ending September, putting the company on track for another banner year.

The listed integrated property developer of the Sy family recorded a net income of P33.9 billion from January to September, up by 12 percent from P30.1 billion in the same period in 2023.

SM Prime’s earnings growth was driven by an eight-percent rise in revenues to P99.8 billion from last year’s P92.6 billion.

For the third quarter alone, the company saw an 11-percent jump in net income to P11.8 billion on the back of strong revenues amounting to P35.1 billion.

“Our 30th anniversary is shaping up to be a milestone year, with results indicating we’re on track to finish with yet another banner year,” SM Prime president Jeffrey Lim said.

SM Prime posted a record high net income of P40 billion in 2023.

“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,” Lim said.

The company opened on Oct. 25 the SM City J Mall, its fourth mall in Metro Cebu, eighth in the Visayas region and 87th in the Philippines.

During the nine-month period, SM Prime’s mall business reported total revenues of P56.5 billion, up by eight percent year-on-year on higher mall rental income as well as cinema and event ticket sales.

The mall business accounted for 57 percent of the company’s consolidated revenues during the nine-month period.

Revenues of SM Prime’s primary residential business, meanwhile, rose by nine percent to P31.2 billion, with SMDC posting P47 billion in reservation sales.

For its other key businesses such as offices, hotels and convention centers, revenues reached P11 billion, 11 percent higher than last year’s P9.9 billion.

SM Prime said it remains committed to its role as a catalyst for economic growth by delivering innovative and sustainable lifestyle cities.

For next year, SM Prime is looking to spend P100 billion to P110 billion for its capital expenditures, with plans to open five new malls in the country.