SM Prime Holdings reports robust earnings growth in Q1 2024

May 6, 2024
3:59PM PHT

The Sy family-led property giant SM Prime Holdings Inc. booked a profit of P10.5 billion during the first quarter of the year, an 11 percent increase that was driven by the strong performance of its business units. 

Total revenues rose 7 percent to P30.7 billion. Contributions were led by malls, accounting for 59 percent of the consolidated revenues, with a growth of  7 percent to P18.2 billion. 

Mall rental income added 8 percent to P15.8 billion, while cinema and event ticket sales contributed P2.5 billion. 

The residential business segment saw a 10 percent  revenue increase to P8.5 billion, underpinned by strong reservation sales totaling P26.5 billion. Additionally, other business segments, including offices, hotels, and convention centers, posted a 9 percent growth, totaling P3.4 billion in revenues.

Jeffrey Lim
SM Prime President
About the author
Miguel R. Camus
Miguel R. Camus

Miguel R. Camus has been a reporter covering various domestic business topics since 2009.

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