Property developer SM Prime Holdings Inc. (SMPH) posted a net income of P30.1 billion in the first nine months of 2023, up 37 percent from P22 billion in the same period last year, boosted by higher revenues from its mall and residential businesses.
SMPH said in a disclosure to the stock exchange Monday nine-month revenues climbed 26 percent to P92.6 billion from last year’s P73.7 billion.
Nine-month consolidated operating income also increased 29 percent to P44.5 billion from P34.6 billion a year ago.
It said third-quarter net income also grew 35 percent to P10.7 billion from P7.9 billion as consolidated revenues went up 20 percent to P32.7 billion from P27.3 billion.
“Our strategic operations over the past months provided us remarkable results this quarter, which we expect to lead us to a stronger full-year performance. I would like to thank our customers and partners for their continued support that aim to deliver convenience and comfort to everyone,” SMPH president Jeffrey Lim said.
SMPH’s mall business, which accounts for 57 percent of the group’s consolidated revenues, booked P52.5 billion in sales in first three quarters of 2023. This was up by 37 percent from P38.2 billion in the same period last year.
Mall rental income grew 29 percent to P44.8 billion from last year’s P34.7 billion, while cinemas, event ticket sales and other revenues increased to P7.7 billion from P3.5 billion.
Residential business, led by SM Development Corp. (SMDC), reported nine-month revenues of P28.7 billion, up 10 percent from P26.1 billion in 2022.
SMDC’s reservation sales climbed 6 percent year-on-year to P89.3 billion.
SMPH’s other key businesses, which include offices, hotels and convention centers, delivered P9.5 billion in revenues in the first nine months of 2023, a 33-percent improvement from P7.2 billion in 2022.
The company’s office business segment posted P4.9 billion in revenues, or 14 percent higher than last year’s.
Its hotel and convention center revenues reached P4.6 billion, up 64 percent from a year ago.
