Sy-led SM Prime Holdings Inc., a leading integrated property developer in Southeast Asia, reported a 12 percent increase in consolidated net income to P33.9 billion in the first three quarters of 2024 from P30.1 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange (PSE), the company stated that its consolidated revenues rose by eight percent to P99.8 billion, from P92.6 billion.
Consolidated operating income also posted a seven percent growth, to P47.7 billion from P44.5 billion.
In the third quarter alone, SM Prime recorded a consolidated net income of P11.8 billion, which is 11 percent higher compared to the same period in 2023. This was supported by consolidated revenues of P35.1 billion, reflecting a seven percent increase. The consolidated operating income for this quarter reached P16.6 billion.
“Our 30th anniversary is shaping up to be a milestone year, and the results indicate that we’re on track for another banner year,” said SM Prime President Jeffrey Lim.
He also noted, “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.”
In 2023, SM Prime recorded a consolidated full-year net income of P40 billion, the highest annual figure in its history.
SM Prime’s mall business, which represents 57 percent of the company’s consolidated revenues, generated P56.5 billion in total revenues in the first nine months, an eight percent increase compared to the same period last year.
Mall rental income rose by eight percent to P48.5 billion, while revenues from cinemas, event ticket sales, and other sources increased by four percent to P8 billion.
The firm’s primary residential business reported revenues of P31.2 billion in the first three quarters of 2024, which is a nine percent increase from the same period last year. SMDC posted P47 billion in reservation sales.
Additionally, the company’s other key businesses—including offices, hotels, and convention centers—generated P11 billion in revenues in the first nine months, an 11 percent increase from P9.9 billion in the same timeframe in 2023.
Each of these business segments contributed revenues of P5.5 billion.