SM Prime Holdings Inc. reported an 8 percent increase in net income to ₱12.8 billion for the third quarter, up from ₱11.8 billion a year earlier, driven mainly by its mall and convention center businesses.
For the first nine months of 2025, profit climbed 10 percent to ₱37.2 billion from ₱33.9 billion last year, while total revenues grew 4 percent to ₱103.4 billion.
President Jeffrey C. Lim said the company’s malls remain “strong anchors for growth,” supported by regional expansion, mall upgrades, and new retail and dining experiences.
The mall segment accounted for 59 percent of total revenues, rising 7 percent to ₱61 billion due to additional leasable space and new tenants. The residential segment contributed 31 percent, but dipped 2 percent to ₱32.6 billion amid slower revenue recognition from mid-market projects.
The hotels and convention centers segment posted the fastest growth at 9 percent, reaching ₱6 billion, boosted by increased bookings for meetings, incentives, conferences, and exhibitions (MICE). Offices and warehouses remained steady at ₱4 billion, or about 4 percent of revenues.
Capital spending reached ₱59.3 billion, up 11 percent, mainly for ongoing mall and residential developments. SM Prime’s total assets stood at ₱1.08 trillion, with a net debt-to-equity ratio of 46:54 and cash holdings of ₱33.2 billion.
Lim said the company expects to sustain growth in the fourth quarter, though at a slower pace due to weaker GDP and residential demand. He added that lower interest rates and government efforts to boost the economy should help SM Prime meet its full-year 2025 targets.
