Shopping mall operator SM Prime Holdings Inc. on Monday reported income growing 33 percent in 2023 to P40 billion from previous year’s P30.1 billion.
It reported consolidated revenue of P128.1 billion or 21 percent higher than last year’s P105.8 billion. Consolidated operating income grew 24 percent to P61.3 billion from only P49.2 billion.
“The favorable result we achieved reflects the strong support and trust from our tenants and customers despite the economic challenges encountered in 2023. We continue to see this growth momentum this year as we pursue the expansion of key businesses and explore new opportunities to expand our business,” SM Prime president Jeffrey Lim said.
SM Prime’s mall business accounts for 56 percent of consolidated revenue. It posted 30 percent growth in revenue to P71.9 billion in 2023 from P55.4 billion in 2022.
Mall rental income rose 24 percent to P61.3 billion from P49.7 billion.
SM Prime’s residential business group, led by SM Development Corp, reported an 8 percent revenue growth to P43.1 billion from P40.1 billion. Reservation sales totaled P102 billion equal to more than 21,000 residential units sold in 2023.
SM Prime’s other key businesses that include offices, hotels, and convention centers, reported P13.1 billion in revenue last year, a 26 percent increase from P10.3 billion in 2022.
Its office unit posted P6.8 billion in revenue while hotels and convention centers unit reported P6.3 billion.
SM Prime plans deploying P100 billion as capital expenditure this year or P10 billion more than the P90 billion it committed last year.
