SM Prime Holdings, Inc. Recorded P33.9 Billion Consolidated Net Income in 9M24, Up 12%

​SM Prime Holdings, Inc. (SM Prime), one of the leading integrated property developers in Southeast Asia, recorded P33.9 billion consolidated net income in the first three quarters of 2024, 12% higher from P30.1 billion in the same period being reviewed in 2023. Consolidated revenues reached P99.8 billion, 8% higher than P92.6 billion. Consolidated operating income grew by 7% to P47.7 billion from P44.5 billion.

​SM Prime recorded P11.8 billion consolidated net income in the third quarter of 2024, 11% higher than the same period in 2023. This is supported by P35.1 billion consolidated revenues, up by 7%. 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 SM Prime 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,” he added.

In 2023, SM Prime reported a consolidated full year net income of P40 billion, the highest annual figure in its history.

SM Prime’s mall business, which accounts for 57% of the Company’s consolidated revenues, reported P56.5 billion in total revenues in the first nine months of 2024, 8% higher than of the same period last year. Mall rental income grew by 8% to P48.5 billion, while cinemas, event ticket sales, and other revenues increased by 4% to P8.0 billion.

SM Prime’s primary residential business reached P31.2 billion in revenues in the first three quarters of 2024, 9% higher than in the same period last year. SMDC posted P47.0 billion in reservation sales.

SM Prime’s other key businesses, which include offices, hotels, and convention centers, has reached P11.0 billion in revenues in the first nine months of 2024, 11% higher than P9.9 billion in the first nine months of 2023. The two business segments posted P5.5 billion revenues each.

SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people.