SM Prime’s net income grew 16% in 2nd quarter

Property developer SM Prime Holdings Inc. (SMPH) said Monday its net income grew 16 percent in the second quarter of 2024 to P11.6 billion from P10 billion in the same period last year on double-digit growth in mall and residential sales.

“Second-quarter consolidated revenues rose 9 percent to P3 billion from P31.2 billion in the second quarter of the previous year,” SMPH said in a disclosure to the stock exchange.

SMPH booked mall revenues of P16.3 billion in the second quarter, or 10 percent higher than P14.9 billion in the same period last year.

The company’s residential business unit recorded P10.4 billion in revenues in the quarter, a 23-percent hike from P8.5 billion a year ago.

The strong second-quarter results pushed consolidated net income to P22.1 billion in the first half of 2024, up 13 percent year-on-year.

First-half consolidated revenues totaled P64.7 billion, an 8-percent growth from P59.9 billion in the same period of 2023.

Mall revenues from January to June climbed 8 percent to P37.5 billion from P34.6 billion a year earlier, while residential sales also went up by 8 percent to P18.9 billion. The company’s reservation sales stood at P40.2 billion in the first half of 2024.

“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,” SMPH president Jeffrey Lim said.

“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 remains steadfast in bringing the SM brand closer to more Filipinos through our integrated property developments that promote climate resilience environmental sustainability, and prosperity to all,” said Lim.

Meanwhile, SMH’s office, hotel and convention center business segment reported P7.0 billion in revenues in the first half of 2024, a 13-percent increase from P6.2 billion in the first half of 2023.

The company’s office business unit recorded P3.6 billion in revenues, while the hotels and convention center business unit registered P3.4 billion in revenues in the six-month period.