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SM Prime Earns PHP30 Billion in 9M 2023




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SM Prime Holdings, Inc. (SM Prime), one of the leading integrated property developers in Southeast Asia, recorded PHP30.1 billion net income in the first nine months of 2023, 37% higher than PHP22.0 billion in 2022. This is supported by PHP92.6 billion in consolidated revenues, a 26% growth from last year's PHP73.7 billion. Consolidated operating income increased by 29% to PHP44.5 billion in 9M2023 from PHP34.6 billion in 9M2022.


SM Prime's consolidated net income grew by 35% to PHP10.7 billion in 3Q2023 from PHP7.9 billion in 3Q2022. Consolidated revenues reached PHP32.7 billion, 20% higher than PHP27.3 billion. Consolidated operating income increased by 17% to PHP15.6 billion from PHP13.3 billion in the same period being reviewed.


"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. I would like to thank our customers and partners for their continued support that aim to deliver convenience and comfort to everyone," SM Prime President Jeffrey Lim said.


SM Prime's mall business, which accounts for 57% of the Company's consolidated revenues, recorded PHP52.5 billion in the first three quarters of 2023, up by 37% from PHP38.2 billion in the same period last year. SM Prime's mall rental income rose to PHP44.8 billion in 9M2023, 29% higher than last year's PHP34.7 billion. SM Prime's cinemas, event ticket sales, and other revenues increased significantly to PHP7.7 billion from PHP3.5 billion in the same period last year.


SM Prime's primary residential business, led by SM Development Corp. (SMDC), reported PHP11.1 billion in revenues in 3Q2023, 20% higher than PHP9.3 billion in 3Q2022. This makes primary residential business revenues up by 10% to PHP28.7 billion in 9M2023 from PHP26.1 billion in 9M2022. SMDC's reservation sales reached PHP89.3 billion in first three quarters of 2023, 6% higher than last year's PHP83.9 billion.


SM Prime's other key businesses, which include offices, hotels, and convention centers, generated PHP9.5 billion in revenues in the first nine months of 2023, a 33% growth from PHP7.2 billion in 2022. The Company's office business segment posted PHP4.9 billion in revenues, 14% higher than last year, while the hotels and convention centers business segment’s revenues reached PHP4.6 billion, 64% higher than 9M2022.


SM Prime 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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