Sy’s SM Prime reports strong 9 months, poised for record profit

SM Prime Holdings, Inc. (SM Prime) maintained strong growth momentum, reporting a consolidated net income of P33.9 billion in the first three quarters of 2024, up 12 percent from P30.1 billion in the same period in 2023. This already represents 85 percent of last year’s total profit, putting the company on track to surpass its record income.

Consolidated revenues rose to P99.8 billion, up 8 percent from P92.6 billion, while consolidated operating income grew 7 percent to P47.7 billion from P44.5 billion. 

In the third quarter of 2024 alone, net income was P11.8 billion, marking an 11-percent increase, supported by P35.1 billion in revenues, which rose 7 percent from last year.

Jeffrey Lim

SM Prime president 

Robust mall revenues 

SM Prime’s mall segment, making up 57 percent of overall revenues, reported P56.5 billion in revenues for the first nine months, an 8 percent rise. 

Mall rental income also increased by 8 percent to P48.5 billion, with cinemas, event ticket sales, and other revenues climbing 4 percent to P8 billion. 

Homes, offices & hotels 

The primary residential business earned P31.2 billion in revenues, up 9 percent, with SM Development Corp. achieving P47 billion in reservation sales.

Additionally, SM Prime’s offices, hotels, and convention centers generated P11 billion in revenues, an 11 percent improvement from P9.9 billion in 2023. Both segments contributed P5.5 billion each, highlighting balanced growth across business lines.