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Manila Bulletin devider Business devider The Stock Market devider Mall, convention gains fuel SM Prime's 10% profit growth

Mall, convention gains fuel SM Prime's 10% profit growth

Published Nov 10, 2025 01:41 pm
SM Prime Holdings Inc. reported a 10 percent rise in net income to ₱37.2 billion in the first nine months of the year from ₱33.9 billion a year earlier, fueled by stronger contributions from its mall and convention center segments.
In a disclosure to the Philippine Stock Exchange, SM Prime said the company also registered an eight percent increase in third-quarter net income, which reached ₱12.8 billion from ₱11.8 billion.
“Our malls remain strong anchors for growth. Their performance was driven by regional expansion, the upgrading of flagship malls, and the introduction of more experiential retail and dining concepts,” SM Prime President Jeffrey C. Lim said in the statement.
Total revenues from January to September improved by four percent to ₱103.4 billion from ₱99.8 billion.
Malls accounted for 59 percent of consolidated revenues, increasing seven percent to ₱61.0 billion from ₱57.3 billion, primarily due to the addition of leasable space and new tenants. 
Meanwhile, the residential segment, covering core and leisure projects, contributed over 31 percent of total revenues, easing two percent to ₱32.6 billion from ₱33.1 billion.
According to SM Prime, the decline was attributed to slower revenue recognition from mid-segment developments.
On the other hand, hotels and convention centers registered the strongest growth at nine percent to ₱6 billion from ₱5.5 billion, on the back of higher MICE (meetings, incentives, conferences, and exhibitions) bookings. This segment contributed nearly six percent to consolidated revenues. Revenues from Offices and Warehouses, representing almost four percent of the total, remained steady at ₱4 billion, reflecting temporary tenant relocations during renovation works in two warehouses.
“The residential and office segments were tempered by macroeconomic conditions, but recovery initiatives are underway,” the statement explained.
Capital expenditures reached ₱59.3 billion in the first nine months, an 11 percent increase from the same period last year, driven by ongoing mall and residential projects. The remainder was allocated to estate, hotel, and convention center developments.
SM Prime ended the period with a net debt-to-equity ratio of 46:54 and an interest coverage ratio of 7.1 times. Total assets reached ₱1.08 trillion, with investment properties accounting for 60 percent, while cash and cash equivalents stood at ₱33.2 billion.

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