Driven by its growing mall business, SM Prime Holdings Inc. (SM Prime), the integrated property developer led by the Sy family, expects to close a banner year with profits posting double-digit growth in the first nine months of the year.

In a stock exchange filing on Monday, the company said consolidated net income of P33.9 billion from January to September, reflecting a 12 percent increase from P30.1 billion a year ago.

Total revenues for the period hit P99.8 billion, an 8 percent increase from P92.6 billion.

Operating income grew by 7 percent, reaching P47.7 billion, compared to P44.5 billion in the previous year.

“Our 30th anniversary is shaping up to be a milestone year, with results indicating we’re on track to finish with yet another banner year,” SM Prime president Jeffrey Lim said.

“For the remainder of the year, we anticipate continued growth due to the recent opening of SM City J Mall and the upcoming holiday season.”

Mall income grows 8%

SM Prime’s mall business, which accounted for 57 percent of the company’s total consolidated revenues, generated P56.5 billion in total revenues in the first nine months, mirroring an 8 percent increase from the same period last year.

Mall rental income grew by 8 percent to P48.5 billion, while cinemas, event ticket sales, and other revenues rose by 4 percent to P8 billion.

The company’s residential business also saw growth, with revenues from its primary residential operations reaching P31.2 billion during the period, a 9 percent increase from the previous year.

SM Development Corp. recorded P47 billion in reservation sales.

In addition, SM Prime’s other key businesses — offices, hotels, and convention centers — reported a combined revenue of P11.0 billion from January to September, an 11 percent increase from P9.9 billion in the same period in 2023.

Both the offices and hotels/convention center segments contributed P5.5 billion each to this total.

SM Prime said it will continue to expand and diversify its business to continue driving economic growth.