Mall operator SM Prime Holdings Inc., on Monday reported a 12 percent increase in net income for the first three quarters of 2024, reaching P33.9 billion, up from P30.1 billion in the same period last year.
Consolidated revenue grew 8 percent to P99.8 billion, compared to only P92.6 billion in 2023, driven by the strong performance of its core business segments.
“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,” said SM Prime president Jeffrey Lim. “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,” he added.
In the third quarter alone, SM Prime posted net income of P11.8 billion, an 11 percent increase from prior year, while consolidated revenue reached P35.1 billion, up 7 percent.
The mall business, which accounts for 57 percent of total revenue, generated P56.5 billion in the first nine months, an 8 percent increase from 2023. Mall rental income climbed 8 percent to P48.5 billion, while revenue from cinemas, events, and other services grew 4 percent to P8 billion.
In the residential segment, SM Prime’s primary business, the company generated P31.2 billion in revenue, marking a 9 percent growth. SM Development Corp. (SMDC), the company’s condominium development arm, reported P47.0 billion in reservation sales.
The other key segments, which include offices, hotels, and convention centers, contributed P11 billion in revenue, an 11 percent increase from P9.9 billion last year, with both offices and hotels generating P5.5 billion each.
With the company continuing to expand its footprint and diversifying its business portfolio, SM Prime remains optimistic about closing the year on a strong note, following a record-high net income of P40 billion in 2023.
