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Richmond Mercurio - The Philippine Star
February 18, 2025 | 12:00am
The integrated property developer of the Sy family reported a consolidated net income of P45.6 billion in 2024, 14 percent higher than the P40 billion recorded in 2023.
STAR / File
MANILA, Philippines — Earnings and revenues of SM Prime Holdings Inc. soared to new record-high levels in 2024, driven by higher contributions across all business segments.
The integrated property developer of the Sy family reported a consolidated net income of P45.6 billion in 2024, 14 percent higher than the P40 billion recorded in 2023.
Revenues last year also reached an all-time high at P140.4 billion, up by 10 percent from the previous year’s P128.1 billion due to higher rental income, real estate sales and revenues from services and experiential offerings.
Malls accounted for 55 percent of the group’s revenues, followed by residences at 34 percent, hotels and convention centers at six percent as well as offices and warehouses at five 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,” SM Prime president Jeffrey Lim said.
Aside from strong full year results, SM Prime also delivered its highest-ever fourth quarter revenues and net income.
Its revenues during the fourth quarter rose by 14 percent year-on-year to P40.6 billion, while net income climbed by 19 percent to P11.8 billion.
SM Prime attributed its robust performance during the quarter to the strong holiday spending, increased real estate sales and blockbuster film releases.
As the country’s largest mall operator, SM Prime ended 2024 with a total of 87 malls nationwide.
SM Prime is looking to spend P100 billion to P110 billion for its capital expenditures this year.
The company, in particular, is pouring in as much as P33 billion for its commercial property businesses this year to reflect the company’s sustained confidence on the economy.
About P21 billion will be used by the company to expand the gross floor area of its malls, with the addition of 205,400 square meters of GFA from new developments.
SM Prime will also spend around P6 billion in its hospitality and MICE (meetings, incentives, conferences and exhibitions) businesses as well as another P6 billion to develop new office towers and work spaces.
