SM Prime Posts Record Annual Profit, Up 14% to P45.6 Billion

SM Prime develops dynamic spaces that serve as community hubs for nation-building. In 2024, SM Malls hosted 180 job fairs nationwide, welcoming over 100,000 applicants.

SM Prime Holdings, Inc. (SM Prime), one of the leading integrated property developers in Southeast Asia, reported its highest-ever consolidated net income of P45.6 billion in 2024, up 14% from P40 billion in 2023. The double-digit improvement was driven by higher contributions from all its business segments.

Consolidated revenues during the same period rose 10% to an all-time high of P140.4 billion from P128.1 billion due to higher rental income, real estate sales and revenues from services and experiential offerings.

Malls accounted for 55% of revenues, followed by residences at 34%, hotels and convention centers at 6%, and offices and warehouses at 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,” said SM Prime president Jeffrey C. Lim.

SM Prime capped off 2024 with impressive results, delivering its highest-ever fourth-quarter revenues and net income. Consolidated revenues grew 14% year-on-year from P35.5 billion to P40.6 billion, while net income accelerated 19% from P9.9 billion to P11.8 billion.

Strong holiday spending, the opening of two new malls, increased real estate sales and blockbuster film releases led to the outstanding results.