The strong start came despite external risks like new US tariffs, with SM Prime leaning on steady consumer demand, margin gains, and disciplined cost control.
“While the recently announced US tariffs introduce external risks, the Philippines' predominantly domestic-driven economy and limited direct exposure are expected to help cushion the impact on our company,” SM Prime said in a statement on Tuesday.
“We believe strong consumption and favorable macroeconomic tailwinds will continue to support the strength and growth potential of our portfolio,” it added.
Headline figures
• Malls drove 69 percent of earnings, boosted by strong foot traffic and tenant demand.
• Residential profits rose 4 percent to P2.1 billion, lifted by completed projects and prior sales.
• Office and warehouse income grew 15 percent to P1.2 billion, helped by better occupancy.
• Hotels and convention venues posted a 17-percent gain to P362 million, alongside a 12-percent rise in earnings before interest, taxes, depreciation and amortization to P20.2 billion.
Management’s view
"Our portfolio is off to a strong and promising start this year," said SM Prime president Jeffrey C. Lim.
"Malls, offices, hotels and convention venues, and even residences, posted gains in the first quarter. This speaks to both the resilience of domestic demand and the strength of our integrated development strategy,” he added.
SM Prime spend over P19 billion in Q1
Capital spending held steady at P19.3 billion, mostly for new developments across its growing portfolio.
The company also declared a record P13.86 billion in cash dividends, reflecting confidence in its long-term growth path.
