SM Prime Holdings Inc. (SMPH) registered a record net income of P45.6 billion in 2024, up 14 percent from P40 billion in 2023.
The increase was driven by higher contributions from all business segments, it said in a statement.
Revenue also reached an all -time high of P140.4 billion, a 10-percent rise from P128.1 billion in 2023. The growth came from higher rental income, real estate sales and revenues from services and experiential offerings.
Malls contributed 55 percent of total revenues, followed by residences with 34 percent, while hotels and convention centers made up 6 percent and offices and warehouses accounted for 5 percent.
“The results we achieved in 2024 provide a solid foundation for future growth. We have several key projects in development that we expect will benefit from this positive momentum,” said SMPH president Jeffrey Lim.
Fourth-quarter net income increased 19 percent to P11.8 billion from P9.9 billion a year ago, as revenues increased 14 percent to P40.6 billion from P35.5 billion on strong holiday spending.
Aside from seasonal holiday spending, the group’s fourth-quarter revenues received a boost from the opening of two new malls and increased real estate sales and successful film releases.
The property firm earlier reported that it would invest up to P33 billion in 2025 to expand its commercial property businesses including malls, hotels and offices.
About P21 billion will be allocated to expand the gross floor area (GFA) of SM Prime’s malls. This involves adding 205,400 square meters through new developments and redeveloping 124,488 square meters of existing space. The total GFA of its mall portfolio is projected to reach 8.08 million square meters by end-2025.
Around P6 billion will be invested in the hospitality and meetings, incentives, conferences and exhibitions (MICE) sectors and another P6 billion will be earmarked to develop new office towers and workspaces.
