SM Prime posts 13% midyear profit increase

SM Prime Holdings Inc., a Sy-led integrated property developer, reported double-digit earnings growth in the first half of the year as mall and residential businesses continued to chart growth.

The company said in a stock exchange report on Monday that consolidated net income from January to June rose to P22.1 billion, up 13 percent from the P19.4 billion profits reported last year.

Meanwhile, consolidated revenues reached P64.7 billion or eight percent higher than the P59.9 billion it earned during the same period in 2023.

Steady growth

“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,” SM Prime president Jeffrey Lim said on Monday.

“As we celebrate this year our 30th anniversary as a public company, we are determined to continue expanding our core businesses across the Philippines, and introduce innovative and bigger projects in the coming years,” he added.

SM Prime’s mall business, which accounts for more than half of the company’s consolidated revenues, clocked in at P37.5 billion in the first half of 2024, or eight percent higher than its P34.6 billion earnings in the same period a year ago.

Meanwhile, the firm’s primary residential business unit logged P18.9 billion in revenue from the start of the year until the end of June, translating likewise to an eight percent growth from the P17.6 billion it earned last year.

Reservation sales

SM Prime’s reservation sales reached P40.2 billion as of the end of June.

The company’s offices, hotels, and convention centers business segments generated P7 billion in revenue during the same period, representing a 13 percent gain compared to P6.2 billion in the first half of 2023.

Within these segments, the office business unit contributed P3.6 billion in revenue, while the hotels and convention centers business unit accounted for P3.4 billion in revenue.