SM Prime Holdings, Inc. Reported P10.5 Billion in Consolidated Net Income in Q12024, Up 11%

One of Southeast Asia's leading integrated property developers, SM Prime Holdings, Inc., reported consistent growth in the first quarter of 2024, with consolidated net income of P10.5 billion, 11% more than in the same period the previous year (P9.4 billion). This is due to consolidated revenues of P30.7 billion, which are 7% more than P28.6 billion during the same period last year. From P13.8 billion in 1Q 2023 to P14.7 billion in 1Q 2023, consolidated operating income increased by 6%. 

“We are encouraged with the performance of all our businesses this first quarter of 2024. We are particularly bullish with our malls business as we plan to open a new mall this month of May, and another three within the year. For the residential business, our focus remains in addressing housing backlog within the socialized and economic segments,” SM Prime president Mr. Jeffrey C. Lim shared.

In the first quarter of 2024, SM Prime's mall business, which generates 59% of the company's total revenues, grew by 7% to P18.2 billion. In 1Q 2024, mall rental income totaled P15.8 billion, up 8% from the same period the previous year. Meanwhile, other earnings, such as ticket sales for events and movies, came in at P2.5 billion.

The primary residential business group of SM Prime recorded P8.5 billion in sales in the first three months of 2024, a 10% increase over P7.7 billion in the same period the previous year. This represents 28% of the total revenues of the company. In the first quarter of 2024, the company sold P26.5 billion worth of reservations.
​
The other business segments of SM Prime, which include hotels, convention centers, and offices, saw a 9% increase in sales in the first quarter of 2024, totaling P3.4 billion. In the first three months of 2024, the company's office business unit brought in P1.8 billion in revenue, while its hotels and conference centers business unit brought in P1.6 billion.

As it continues to create creative and sustainable lifestyle cities, SM Prime is dedicated to its position as an engine for economic growth, improving the lives of millions of people in the process.

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.

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. Currently, it has 85 malls in the Philippines and 8 shopping malls in China, totaling 10.8 million square meters of Gross Floor Area (GFA). In the Philippines, they have a total of 20,615 tenants and 2,183 tenants in China.

SM Prime goes beyond mall development and management through its units and subsidiaries. SM Development Corporation (SMDC) is the residential business component that sells affordable condominium units. SM Prime’s commercial business units, the Commercial Properties Group (CPG) is engaged in the development and leasing of office buildings in Metro Manila. Its Hotels and Convention Centers business unit develops and manages various hotel and convention centers across the country.