SM Prime reports P33.9-billion income in 3 quarters

SM Prime Holdings Inc. (SMPH) said Monday its net income grew 12% in the first three quarters of 2024 to P33.9 billion from P30.1 billion in the same period in 2023. The increase was driven by steady growth from malls and residential businesses.

Nine-month consolidated revenues reached P99.8 billion, up 8% from P92.6 billion, SMPH said in a stock exchange filing. Consolidated operating income rose 7% to P47.7 billion from P44.5 billion.

SMPH recorded P11.8 billion in third-quarter consolidated net income, or 11% higher than in the same period in 2023. Sales climbed 7% to P35.1 billion, while consolidated operating income reached P16.6 billion.

“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 SMPH 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.”

Mall business, which accounts for 57% of the company’s consolidated revenues, reached P56.5 billion in total revenues in the first nine months of 2024. This was 8% higher than a year ago. Mall rental income increased 8% to P48.5 billion, while cinemas, event ticket sales and other revenues went up by 4% to P8 billion.

Sales from residential business amounted to P31.2 billion in revenues in the first three quarters of 2024, up by 9% from a year earlier. SM Development Corp. posted P47 billion in reservation sales.

Other key businesses, which include offices, hotels and convention centers, booked sales of P11.0 billion, representing an 11% increase from P9.9 billion in the first nine months of 2023.