SM Prime Q2 Net Income Rises 16% to P11.6 Billion

SM Prime Holdings Inc., a leading integrated property developer led by the Sy family, announced a 16% increase in its consolidated net income for the second quarter of 2024. The net income rose to P11.6 billion, up from P10.0 billion in the same quarter last year, driven by a 9% rise in total revenues to P34.0 billion.

The mall business remained a significant contributor, accounting for 58% of the total revenues. Mall rental revenues saw a 10% increase, reaching P16.3 billion. The primary residential business unit contributed 29% of the revenues with P10.4 billion. Additionally, the offices, hotels, and convention centers business segments generated P7.0 billion in revenues.

Jeffrey Lim, SM Prime president, noted, “SM Prime’s growth in the first half of 2024 remains steady as we realize value from our past expansion projects across our business portfolio.” He emphasized the company’s commitment to expanding the SM brand and promoting climate resilience, environmental sustainability, and prosperity.

Expansion Plans

SM Prime is set to invest P100 billion in its capital spending program this year, with plans to open four new malls totaling over 400,000 square meters of gross floor area. As of the end of 2022, SM Prime operated 82 malls in the Philippines and seven in China, located in Xiamen, Jinjiang, Chengdu, Zibo, Chongqing, Tianjin, and Suzhou.

The company also manages 64 residential projects, 18 office buildings, nine hotels, six convention centers, and two trade halls. Its subsidiaries include SM Development Corp., Costa del Hamilo Inc., Tagaytay Resort Development Corp., SM Arena Complex Corp., SM Hotels and Conventions Corp., and SM Land (China) Limited.