Property developer SM Prime Holdings Inc. said Monday it plans to raise between P15 billion and P20 billion from the issuance of retail bonds by the fourth quarter of 2025.
SMPH chief finance officer John Nai Peng Ong said in a news briefing the company would raise the amount to refinance maturing debt.
The company has P18.06 billion worth of bonds maturing in November.
SMPH reported that first-half net income surged to a record P24.5 billion, an 11-percent increase from P22.1 billion posted in the same period last year, on the back of higher rental income and real estate sales.
SMPH said in a disclosure to the stock exchange consolidated revenues rose 5 percent in the six-month period to P68 billion from P64.7 billion a year ago.
Rental income from malls, offices, hospitality and MICE contributed 60 percent of the total, while real estate sales accounted for 29 percent.
The remaining 11 percent came from cinema ticket sales, food and beverage, amusement and related offerings.
First-half EBITDA rose 10 percent to P41.6 billion from P37.9 billion, while operating income increased 11 percent to P34.4 billion from P31.1 billion.
“The redevelopment and new attractions at our flagship Mall of Asia drove strong foot traffic and tenant sales,” said SMPH president Jeffrey Lim.
“Robust consumer activity and improving business confidence also lifted contributions across our portfolio,” said Lim.
Malls also accounted for the largest share of earnings at 69 percent, contributing P17 billion. This was 14-percent higher than a year ago, driven by new openings, higher foot traffic and strong occupancy.
Income from residential projects rose 2 percent to P5.1 billion from P5.0 billion largely due to revenue recognition from completed units and prior-year sales. The segment accounted for 21 percent of total earnings.
The office and warehouse segment contributed 7 percent, with earnings increasing 9 percent from P1.6 billion to P1.7 billion owing to improved warehouse occupancy.
Hotels and convention centers accounted for 3 percent of total income, delivering P635 million, up 20 percent from P527 million.
The increase was driven by strong room bookings and a busy MICE calendar.
“Our results underscore the resilience of our businesses and the strength of our diversified portfolio. With our capex program progressing as planned, we are well-positioned to drive long-term growth across key markets,” said Lim.
SMPH budgeted P37.8 billion in capital expenditures for the first half of the year. The company earlier set P100 billion for 2025 capital spending.
 reported a record P24.5 billion net income in the first half of 2025, an 11% increase, driven by strong rental income and real estate sales. The company plans to raise P15-P20 billion through a retail bond sale in Q4 2025 to refinance maturing debt.){kind=link}