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Manila Bulletin devider Business devider The Stock Market devider SM Prime profits jump 33%, sets P100-B capex

SM Prime profits jump 33%, sets P100-B capex

Published Feb 19, 2024 08:25 am

SM Prime Holdings Inc. is allotting P100 billion for capital expenditures this year as it posted a 33 percent jump in consolidated net income to P40 billion in 2023 from the P30.1 billion it earned in 2022.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its consolidated revenues grew 21 percent to P128.1 billion in 2023 from the P105.8 billion posted in the previous year. Consolidated operating income grew by 24 percent to P61.3 billion from P49.2 billion.

SM Prime Jeffrey Lim.jpeg
SM Prime President Jeffrey Lim

“The favorable result we achieved in 2023 reflects the strong support and trust from our tenants and customers despite the economic challenges encountered in 2023,” SM Prime President Jeffrey Lim said.

He added that “we continue to see this growth momentum this year as we pursue our expansion plans in our key businesses, and explore new opportunities to expand our businesses.”

SM Prime’s mall business accounts for 56 percent of the company’s consolidated revenues, and posted a 30 percent growth in revenues to P71.9 billion in 2023 from P55.4 billion in 2022. The company’s mall rental income rose by 24 percent to P61.3 billion from P49.7 billion.

Its residential business group, led by SM Development Corporation, recorded an eight percent growth in revenues to P43.1 billion in 2023 from P40.1 billion in 2022 while gross profit rose by 15 percent to P25.4 billion in 2023 from P22.1 billion in 2022.

Reservation sales stood at P102 billion in 2023. This translates to more than 21,000 residential units sold in 2023.

SM Prime’s other key businesses, which include offices, hotels, and convention centers, reported P13.1 billion in revenues in 2023, a 26 percent increase from P10.3 billion in 2022.

The company’s office unit posted P6.8 billion in revenues, while hotels and convention centers unit reached P6.3 billion in 2023.

SM Prime said it is looking at P100 billion for its capital expenditure program for 2024 as it 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.

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Jeffrey Lim SM Prime Holdings Inc.
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