SM Prime marks 30th anniversary with record-breaking income, P100 billion investment for 2024

MANILA, Philippines — SM Prime Holdings Inc. (SMPH), the leading integrated property developer in the Philippines, marks its 30th anniversary as a publicly listed company with the announcement of its highest-ever recorded income and a P100 billion investment for its partners, stakeholders, and communities they operate in.

With eyes set on the future, SM Prime reaffirms its position as a catalyst for economic development and community advancement.

During the Annual Stockholders Meeting held on April 23, SM Prime announced its highest-ever recorded income, reaching P40 billion in consolidated net income, marking a 33% increase from 2022.

Additionally, the company's revenues surged by 21%, soaring to P128.1 billion, a notable growth from the previous year. The consolidated operating income also saw significant growth, rising by 24% to P61.3 billion.

The outstanding performance can be attributed to SM Prime's mall business, driving 56% of consolidated revenues and a 30% growth to P71.9 billion in 2023. This growth was bolstered by a 24% increase in mall rental income, amounting to P61.3 billion.

Moreover, the opening of four new malls in 2023 expanded SM's retail presence to 85 malls in the Philippines and eight malls in China.

Meanwhile, SM Prime's residential business group, led by SM Development Corporation (SMDC), recorded an 8% growth in revenues to P43.1 billion in 2023. The residential group's gross profit rose by 15% to P25.4 billion, with reservation sales standing at P102 billion.

In addition to its mall and residential businesses, SM Prime's other key segments, comprising offices, hotels and convention centers, contributed 10% of consolidated revenues, reported P13.1 billion in revenues in 2023, marking a remarkable 26% increase from the previous year.

At the core of SM Prime's success is its unwavering commitment to shared prosperity in every city where they are present. With a strategic P100 billion investment capital expenditure in 2024, SM Prime aims to reinvest in its partners, stakeholders and communities.

SM Prime aims to continuously expand and develop new places for every Filipino to enjoy. 60% will be dedicated to enhancing its