Sy family-controlled SM Prime Holdings, Inc., one of the leading integrated property developers in Southeast Asia, reported an 11 percent growth in consolidated net income to P10.5 billion in the first quarter of 2024 from the P9.4 billion generated in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said the rise in earnings came on the back of a seven percent improvement in consolidated revenues to P30.7 billion in the first three months of the year from P28.6 billion in the same period of 2023.
Consolidated operating income grew by six percent to P14.7 billion from P13.8 billion in the first quarter of 2023.
“We are encouraged with the performance of all our businesses this first quarter of 2024. We are particularly bullish with our malls business as we plan to open a new mall this month of May, and another three within the year,” said SM Prime President Jeffrey C. Lim.
For the residential business, Lim said the focus remains in addressing housing backlog within the socialized and economic segments.
For its mall business, which accounts for 59 percent of the consolidated revenues, it recorded a seven percent growth to P18.2 billion in the first quarter of 2024.
Mall rental income reached P15.8 billion, an 8 percent increase from the same period last year, while other revenues, which includes cinema and event ticket sales, were recorded P2.5 billion in the first quarter of 2024.
SM Prime’s primary residential business group reported revenues of P8.5 billion in the first three months of 2024, higher by 10 percent than the P7.7 billion posted in the same period last year. This accounts for 28 percent of the Company’s consolidated revenues.
The company’s reservation sales are at P26.5 billion in the first quarter of 2024.
SM Prime’s other business segments, which consist of offices, hotels, and convention centers, registered a nine percent growth to P3.4 billion revenues in the first quarter of 2024.
The company’s office business unit reported revenues of P1.8 billion while hotels and convention centers business unit reached revenues of P1.6 billion in the first three months of 2024.