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SM Prime's 1Q 2024 Net Income Reaches PHP10.5 Billion




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SM Prime Holdings, Inc., one of the leading integrated property developers in Southeast Asia, continues to report steady growth in the first quarter of 2024, hitting PHP10.5 billion in consolidated net income, 11% higher than PHP9.4 billion in the first quarter of 2023. This is on the back of PHP30.7 billion consolidated revenues, 7% higher than PHP28.6 billion of same period last year. Consolidated operating income grew by 6% to PHP14.7 billion from PHP13.8 billion in 1Q 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. For the residential business, our focus remains in addressing housing backlog within the socialized and economic segments," SM Prime president Mr. Jeffrey C. Lim shared.

SM Prime's mall business, which accounts for 59% of the consolidated revenues, recorded a 7% growth to PHP18.2 billion in the first quarter of 2024. Mall rental income reached PHP15.8 billion, an 8% increase from the same period last year, while other revenues, which includes cinema and event ticket sales, were recorded PHP2.5 billion in 1Q 2024.

SM Prime's primary residential business group reported PHP8.5 billion revenues in the first three months of 2024, higher by 10% than last year's PHP7.7 billion. This accounts for 28% of the Company's consolidated revenues. The Company's reservation sales are at PHP26.5 billion in the first quarter of 2024.

SM Prime's other business segments, which composed of offices, hotels, and convention centers, registered 9% growth posting PHP3.4 billion revenues in 1Q 2024. The company's office business unit reported PHP1.8 billion revenues, while hotels and convention centers business unit reached PHP1.6 billion revenues in the first three months of 2024.

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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