SM Prime Holdings, Inc. (SM Prime), one of the leading integrated property developers in Southeast Asia, reported its highest-ever consolidated net income of P45.6 billion in 2024, up 14% from P40 billion in 2023. The double-digit improvement was driven by higher contributions from all its business segments.

Consolidated revenues during the same period rose 10% to an all-time high of P140.4 billion from P128.1 billion due to higher rental income, real estate sales and revenues from services and experiential offerings.

Malls accounted for 55% of revenues, followed by residences at 34%, hotels and convention centers at 6%, and offices and warehouses at 5%.

"The results we achieved in 2024 provide a solid foundation for future growth. We have several key projects in development that we expect will benefit from this positive momentum," said SM Prime president Jeffrey C. Lim.