SM Prime Holdings Inc. reported a record-breaking consolidated net income of P45.6 billion for 2024, reflecting a 14 percent increase from P40 billion in 2023, on the back of a robust growth driven by strong performances across all the business segments of one of Southeast Asia’s largest property developers.
Total revenues last year reached P140.4 billion, up from the previous year’s P128.1 billion.
The increase was largely attributed to higher rental income, real estate sales, and earnings from services and experiential offerings. SM Prime’s mall operations led the charge, contributing 55 percent of overall revenues, while residential developments accounted for 34 percent. Hotels and convention centers added 6 percent, and offices and warehouses made up the remainder.
SM Prime capped off the year with fourth-quarter revenue rising 14 percent year-on-year to P40.6 billion. Net income for the fourth quarter surged 19 percent to P11.8 billion. Strong holiday spending, the launch of two new malls, robust real estate sales, and successful film releases were among the key factors that fueled the exceptional performance.
Looking ahead, SM Prime is poised for continued growth, with several key projects in development that are expected to benefit from the positive momentum of 2024.
“The results we achieved in 2024 provide a solid foundation for future growth,” said Jeffrey C. Lim, president of SM Prime. As the company positions itself for another year of expansion, it remains focused on tapping into both traditional and emerging real estate opportunities to sustain its leadership in the industry.
