The Sy siblings' SM Prime Holdings Inc. (SM Prime), one of the leading integrated property developers in Southeast Asia, posted a 37 percent jump in net income to P30.1 billion in the first nine months of 2023 from the P22.0 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said that profit growth was supported by P92.6 billion in consolidated revenues, a 26 percent improvement from P73.7 billion in the comparative period last year.

Consolidated operating income increased by 29 percent to P44.5 billion in the first nine months of 2023 from P34.6 billion in the same period last year.

“Our strategic operations over the past months provided us remarkable results this quarter, which we expect to lead us to a stronger full-year performance,” SM Prime President Jeffrey Lim said.

He added that, “I would like to thank our customers and partners for their continued support that aim to deliver convenience and comfort to everyone.”

For the third quarter this year, SM Prime’s consolidated net income grew by 35 percent to P10.7 billion from P7.9 billion in the same period of 2022.

Consolidated revenues reached P32.7 billion, 20 percent higher than the P27.3 billion registered in the third quarter last year.

Consolidated operating income increased by 17 percent to P15.6 billion from P13.3 billion in the same period being reviewed.

SM Prime’s mall business, which accounts for 57 percent of the Company’s consolidated revenues, recorded P52.5 billion in the first three quarters of 2023, up by 37 percent from P38.2 billion in the same period last year.

Its mall rental income rose to P44.8 billion in the first nine months of 2023, 29 percent higher than last year’s P34.7 billion. SM Prime’s cinemas, event ticket sales, and other revenues more than doubled to P7.7 billion from P3.5 billion in the same period last year.

SM Prime’s primary residential business, led by SM Development Corp. (SMDC), reported P11.1 billion in revenues in the third quarter of 2023, 20 percent higher than P9.3 billion in the same period last year.

This makes primary residential business revenues up by 10 percent to P28.7 billion in the first nine months of 2023 from P26.1 billion in the same period of 2022.

SMDC’s reservation sales reached P89.3 billion in first three quarters of 2023, 6 percent higher than last year’s P83.9 billion.

SM Prime’s other key businesses, which include offices, hotels, and convention centers, generated P9.5 billion in revenues in the first nine months of 2023, a 33 percent growth from P7.2 billion in 2022.

The Company’s office business segment posted P4.9 billion in revenues, 14 percent higher than last year, while the hotels and convention centers business segment’s revenues reached P4.6 billion, 64 percent higher than the first nine months of 2022.