SM Prime Holdings Inc., the property development arm of the Sy Group, said Tuesday it is looking at a P100 billion for capital spending to support various programs for this year and sustain growth.
SM Prime is scheduled to open four new shopping malls this year, which will provide more than 400,000 square meters of gross floor area. It also aims to launch 8,000 to 10,000 residential units to drive growth in its residential business.
Even with its large capital spending budget, SM Prime said it board still declared a cash dividend totaling P10 billion, up from the P6.8 billion declared in 2023.
The cash dividend, equivalent to P0.346 per share, will be given to shareholders on record May 8. It will be paid on May 22.
Based on the closing price Tuesday of P28.20, this cash dividend is equivalent to a 1.2 percent dividend payout.
SM Prime said it 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.
