SM Prime Holdings, Inc. Reported P11.6 Billion in Consolidated Net Income in Q2 2024; P22.1 Billion in H1 2024

SM Prime Holdings, Inc. (SM Prime), one of the leading integrated property developers in Southeast Asia, reported a 16% increase in consolidated net income to P11.6 billion in the second quarter of 2024 from P10.0 billion in the second quarter of 2023. This is supported by a 9% growth in consolidated revenues to P34.0 billion in the second quarter of 2024 from P31.2 billion in the second quarter of the previous year.

​SM Prime achieved a P22.1 billion consolidated net income in the first half of 2024, 13% higher than P19.4 billion in the first half of 2023. The Company’s consolidated revenues recorded P64.7 billion, an 8% growth from P59.9 billion in the same period of the previous year.

“SM Prime’s growth in the first half of 2024 remains steady as we realize value from our past expansion projects across our business portfolio. As we celebrate this year our 30th anniversary as a public company, we are determined to continue expanding our core businesses across the Philippines, and introduce innovative and bigger projects in the coming years. SM Prime remains steadfast in bringing the SM brand closer to more Filipinos through our integrated property developments that promote climate resilience environmental sustainability, and prosperity to all,” shared SM Prime President Jeffrey C. Lim.

SM Prime’s mall business accounts for 58% of the consolidated revenues. Mall rental revenues reached P16.3 billion in the second quarter of 2024, a 10% increase from P14.9 billion in the same period last year. This brought mall rental revenues to P32.1 billion in the first half of 2024, a 9% growth from P29.4 billion in the first half of 2023.

The Company’s total mall revenues reached P37.5 billion in the first half of 2024, 8% higher from P34.6 billion in the first half of 2023.

SM Prime’s primary residential business unit accounted for 29% of the consolidated revenues and registered P10.4 billion in revenues in the second quarter of 2024, 23% higher than P8.5 billion in the previous quarter. This brought primary residential business unit’s revenues to P18.9 billion in the first half of 2024, up by 8% from P17.6 billion in the first half of 2023. The Company’s reservation sales are at PHP40.2 billion in the first half of 2024.

SM Prime’s offices, hotels, and convention centers business segments reported P7.0 billion in revenues in the first half of 2024, a 13% increase from P6.2 billion in the first half of 2023. The Company’s office business unit recorded P3.6 billion in revenues, while the hotels and convention centers business unit registered P3.4 billion in revenues in the first half of 2024.

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.