Revenues also hit a record P140.4 billion, up 10 percent, fueled by rising rental income, real estate sales, and strong demand for services.
Malls remained the biggest revenue driver at 55 percent, followed by residential at 34 percent, with hotels, offices, and warehouses making up the rest.
“The results we achieved in 2024 provide a solid foundation for future growth,” said SM Prime president Jeffrey C. Lim.
“We have several key projects in development that we expect will benefit from this positive momentum,” he added.
Banner year
The company ended the year on a high note, posting its best-ever fourth-quarter results, with revenues surging 14 percent to P40.6 billion and net income climbing 19 percent to P11.8 billion.
Strong holiday shopping, two new mall openings, and blockbuster film releases boosted the quarter’s performance.
SM Prime is looking to sustain its momentum in 2025, banking on continued consumer spending and expansion projects.
