Property developer SM Prime Holdings Inc. (SMPH) said Monday its net income grew by 12 percent in the first three quarters of 2024 to P33.9 billion from P30.1 billion in the same period in 2023 on the back of a steady growth from malls and residential businesses.
Nine-month consolidated revenues reached P99.8 billion, up 8 percent from P92.6 billion, SMPH said in a stock exchange filing.
Consolidated operating income rose 7 percent to P47.7 billion from P44.5 billion.
SMPH recorded P11.8 billion in third-quarter consolidated net income, or 11 percent higher than in the same period in 2023.
Sales climbed 7 percent to P35.1 billion, while consolidated operating income reached P16.6 billion.
“Our 30th anniversary is shaping up to be a milestone year, with results indicating we’re on track to finish with yet another banner year,” said SMPH president Jeffrey Lim.
“For the remainder of the year, we anticipate continued growth due to the recent opening of SM City J Mall and the upcoming holiday season,” he said.
Mall business, which accounts for 57 percent of the company’s consolidated revenues, reached P56.5 billion in total revenues in the first nine months of 2024. This was 8 percent higher than a year ago.
Mall rental income increased 8 percent to P48.5 billion, while cinemas, event ticket sales and other revenues went up by 4 percent to P8 billion.
Sales from residential business amounted P31.2 billion in revenues in the first three quarters of 2024, up by 9 percent from a year earlier.
SM Development Corp. posted P47 billion in reservation sales.
Other key businesses, which include offices, hotels and convention centers, booked sales of P11.0 billion, representing an 11-percent from P9.9 billion in the first nine months of 2023.
The share price of SMPH fell P0.70 Monday to close at P27.90.
