SM Prime posts record-high P45.6B income in 2024

Sy-led property developer SM Prime Holdings Inc. posted double-digit growth in its consolidated net income in 2024 to mark a record high, on the back of higher contributions from all its business segments during the year.

SM Prime said its consolidated net income grew 14% to P45.6 billion, as consolidated revenues increased by 10% to hit an all-time high of P140.4 billion driven by higher rental income, and real estate sales, among others.

The mall business accounted for 55% of revenues, backed by residences with 34%, hotels and convention centers with 6%, and offices and warehouses with 5%.

“The results we achieved in 2024 provide a solid foundation for future growth. We have several key projects in development that we expect will benefit from this positive momentum,” SM Prime president Jeffrey Lim said in an emailed statement.

For the fourth quarter alone, SM Prime reported a 19% increase in net income to P11.8 billion, and a 14% growth in consolidated revenues to P40.6 billion.

SM Prime ended 2023 with 85 malls in the Philippines and eight shopping malls in China, along with 67 residential projects, 18 commercial projects, 10 hotels, six convention centers, and two trade halls.

Its subsidiaries include SM Development Corp., Costa del Hamilo Inc., Tagaytay Resort Development Corp., SM Arena Complex Corp., SM Hotels and Conventions Corp., and SM Land (China) Limited. —KG, GMA Integrated News