Revenues during this period grew 8 percent to P64.7 billion from P59.9 billion.
Management’s view
“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,” said SM Prime President Jeffrey C. Lim.
“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,” he added.
Malls
The mall business, contributing 58 percent of total revenues, saw rental revenues rise 10 percent to P16.3 billion in the second quarter of 2024, totaling P32.1 billion in the first half of 2024, up 9 percent from P29.4 billion.
Total mall revenues reached P37.5 billion, an 8 percent increase from P34.6 billion.
Residences
The residential unit, 29 percent of total revenues, earned P10.4 billion in the second quarter of 2024, a 23 percent increase from P8.5 billion in the second quarter of 2023.
First half 2024 revenues were P18.9 billion, up 8 percent from P17.6 billion, with reservation sales at P40.2 billion.
Offices
Offices, hotels, and convention centers reported P7 billion in the first half of 2024, a 13 percent rise from P6.2 billion in the first half of 2023.
Offices earned P3.6 billion, and hotels and convention centers earned P3.4 billion.
