SM Prime Holdings, Inc. Reported a PHP 40.0 Billion Consolidated Net Income in 2023, Up 33%

One of the leading integrated property developers in Southeast Asia, SM Prime Holdings, Inc. (SM Prime), reported a consolidated net income of PHP40.0 billion in 2023, which was 33% higher than PHP30.1 billion in 2022. The company's combined revenues of PHP 128.1 billion represent a 21% increase over PHP 105.8 billion for the previous year. From PHP 49.2 billion to PHP 61.3 billion, the combined operating income increased by 24%.

​“The favorable result we achieved in 2023 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 our expansion plans in our key businesses, and explore new opportunities to expand our businesses,” SM Prime President Jeffrey Lim said.

56% of SM Prime's total revenue comes from its mall business, which had a 30% increase in revenue from PHP55.4 billion in 2022 to PHP71.9 billion in 2023. From PHP 49.7 billion to PHP 61.3 billion, the company's mall leasing income increased by 24%.

The residential business group of SM Prime, managed by SMDC, recorded an 8% increase in income from PHP 40.1 billion in 2022 to PHP 43.1 billion in 2023. From PHP22.1 billion in 2022 to PHP25.4 billion in 2023, the residential group's gross profit increased by 15%. Sales of reservations reached PHP 102 billion in 2023. This translates to more than 21,000 residential units sold in 2023.

The other principal businesses of SM Prime, namely offices, hotels, and convention centers, recorded revenues of PHP13.1 billion in 2023, indicating an increase of 26% from PHP10.3 billion in 2022. In 2023, the company's hotel and conference center unit brought in PHP6.3 billion, while its office unit brought in PHP6.8 billion.

SM Prime's capital expenditure program for 2024 is estimated to cost PHP 100 billion.

Millions of people's lives are improved by SM Prime's unwavering commitment to acting as a catalyst for economic growth and creating creative, sustainable lifestyle cities.

​SM Prime Holdings, Inc.​ (SMPH) is one of the largest integrated property developers in Southeast Asia that offers innovative and sustainable lifestyle cities with the development of malls, residences, offices, hotels and convention centers. It is also the largest, in terms of asset, in the Philippines.
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SM Prime Holdings, Inc. was incorporated in the Philippines in 1994. They started as a mall developer and operator and grew to be the biggest retail shopping center developer and operator in the Philippines.